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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Tron (TRX) Rallies 15% And Showing Early Signs of A Strong Uptrend

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
XRP

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Tron price rallied over 15% and it surpassed the key $0.0220 resistance zone against the US Dollar. TRX could correct lower in the short term, but the price action suggests more gains.

  • Tron price is gaining bullish momentum above the $0.0220 resistance against the US dollar.
  • The price traded to a new weekly high at $0.0243 and it is currently correcting lower.
  • There is a crucial bullish trend line forming with support near $0.0210 on the 4-hours chart of the TRX/USD pair (data source from Bitfinex).
  • The pair is likely to continue higher towards $0.0250 or even $0.0265 as long as it is above $0.0218.

Tron Price Starts Fresh Increase

After forming a strong support base above $0.0200, tron price started a fresh increase against the US Dollar. TRX broke a couple of important resistances near $0.0218 to move into a positive zone.

The upward move gained strength above the $0.0220 level and the 100 simple moving average (4-hours). It jumped over 15% and traded to a new weekly high at $0.0243. At the moment, the price is consolidating gains and trading near the $0.0232 level.

An initial support is near the $0.0230 level. It is close to the 23.6% Fib retracement level of the recent rally from the $0.0190 low to $0.0243 high. The first major support on the downside is near the $0.0220 and $0.0218 levels.

Tron (TRX)

Tron (TRX) price breaks $0.024. Source: TradingView.com

The 50% Fib retracement level of the recent rally from the $0.0190 low to $0.0243 high is also near the $0.0216 level to act as a strong support. On the upside, the $0.0240 level is an immediate hurdle for the bulls. A successful close above the $0.0240 resistance level could open the doors for a larger rally towards the $0.0250 level or even $0.0265 in the coming sessions.

Dips Likely to be Limited in TRX

If TRX price corrects lower, it is likely to remain supported near the $0.0200 pivot level. The next major support is near the $0.0218 level (the recent breakout zone).

There is also a crucial bullish trend line forming with support near $0.0210 on the 4-hours chart of the TRX/USD pair. Any further losses may perhaps push the price back towards the $0.0200 support.

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 well above the 70 level.

Major Support Levels – $0.0230, $0.0220 and $0.0218.

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

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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.

Read more

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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