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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.
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.
