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Breaking News: VanEck Predicts Bitcoin Could Reach $2.9 Million In New Long-Term Capital Report

Tron (TRX) Jumps 10% And Technicals Suggest More Upsides Above $0.03

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:20 pm
2 mins read
Tron (TRX)

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Tron price rallied over 10% and it surpassed the $0.0250 and $0.0260 resistance levels against the US Dollar. TRX is currently correcting gains, but it is likely to continue higher towards $0.0300.

  • Tron price is gaining bullish momentum above the $0.0260 resistance against the US dollar.
  • The price traded to a new weekly high at $0.0289 and it is currently correcting lower.
  • There was a break above a key ascending channel with resistance near $0.0264 on the 4-hours chart of the TRX/USD pair (data source from Bitfinex).
  • The pair is likely to continue higher towards $0.0300 or even $0.0320 as long as it is above $0.0240.

Tron Price Gaining Bullish Momentum

In the past three sessions, tron price gained momentum against the US Dollar, and it outperformed bitcoin and ethereum. TRX traded above the $0.0250 resistance area to start a fresh increase.

The upward move was strong, as the price surpassed the $0.0260 level and settled nicely above the 100 simple moving average (4-hours). During the rise, there was a break above a key ascending channel with resistance near $0.0264 on the 4-hours chart of the TRX/USD pair.

The pair traded to a new weekly high at $0.0289 and it is currently correcting lower. It traded below the 23.6% Fib retracement level of the recent wave from the $0.0241 low to $0.0289 high.

Tron (TRX)

TRX price breaks $0.028. Source: TradingView.com

The first major support on the downside is near the $0.0265 level and the broken channel resistance. It is also close to the 50% Fib retracement level of the recent wave from the $0.0241 low to $0.0289 high.

On the upside, the bulls are facing hurdles near the $0.0285 and $0.0288 levels. The main resistance is now near the $0.0300 level, above which the price is likely to accelerate higher towards the $0.0320 level in the coming sessions.

Dips Likely to be Supported in TRX

If TRX price corrects lower, it is likely to remain supported near the $0.0265 breakout zone. The next major support is near the $0.0250 pivot level.

Any further losses may perhaps push the price further lower towards the $0.0240 level, below which the bulls are likely to lose control in the near term.

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 currently correcting lower from the 80 level.

Major Support Levels – $0.0265, $0.0250 and $0.0240.

Major Resistance Levels – $0.0288, $0.0300 and $0.0320.

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Aayush Jindal
Aayush Jindal

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.

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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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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