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