Tron (TRX) Price Jumps 5% And Showing Early Signs of A Fresh Rally

Aayush Jindal

5 years ago

2 mins read

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Tron price formed a strong support base above $0.0150 against the US Dollar. TRX is currently up over 5% and it seems like the bulls are aiming a larger rally in the near term.

Tron price is gaining traction and it is trading nicely above $0.0168 against the US dollar.
The price traded to a new weekly high at $0.0177 and it is showing positive signs.
There was a break above a connecting bearish trend line with resistance near $0.0168 on the 4-hours chart of the TRX/USD pair (data source from Kraken).
The pair is likely to continue higher towards $0.0188 or even $0.0200 as long as it is above $0.0165.

Tron Price Could Rally To $0.020

After testing the $0.0150 support level, tron price started a fresh increase against the US Dollar. TRX broke a couple if important hurdles near $0.0160 to move into a positive zone.

Besides, there was a close above the $0.0165 level and the 100 simple moving average (4-hours). Recently, it rallied over 5% and outpaced other major cryptocurrencies, including bitcoin and Ethereum.

During the rise, there was a break above a connecting bearish trend line with resistance near $0.0168 on the 4-hours chart of the TRX/USD pair. The pair traded to a new weekly high at $0.0177 and it is showing positive signs.

An initial support is near the $0.0173 level. It coincides with the 23.6% Fib retracement level of the recent upward move from the $0.0163 low to $0.0177 high. The first major support on the downside is near the $0.01705 and $0.01700 levels.

TRX price breaks $0.0170. Source: TradingView.com

The 50% Fib retracement level of the recent upward move from the $0.0163 low to $0.0177 high might also provide support at $0.01700. On the upside, the first hurdle is near the $0.0178 and $0.0180 levels.

A successful close above the $0.0180 resistance level could open the doors for a larger rally towards the $0.0188 level or even $0.0200 in the coming sessions.

Dips Supported in TRX

If TRX price corrects lower, it is likely to remain supported near the $0.0170 level. The next major support is near the $0.0165 level (the recent breakout zone).

Any further losses may perhaps put pressure on the bulls and the price could dive below $0.0162 and the 100 simple moving average (4-hours).

Technical Indicators

4-hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for TRX/USD is rising and it is approaching the 75 level.

Major Support Levels – $0.0170, $0.0165 and $0.0162.

Major Resistance Levels – $0.0178, $0.0180 and $0.0200.

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Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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