Tron price rallied over 15% & it exceeded the critical $0.0220 resistance zone against the US Dollar. TRX could get precise lower in the short term, but the worth action proposes additional gains.
- Tron value is gaining bullish momentum overhead the $0.0220 resistance in contradiction of the US dollar.
- The worth traded to a fresh weekly high at $0.0243 & it is currently amending lower.
- There is a central bullish trend line creating with sustenance nearby $0.0210 on the 4-hours chart of the TRX/USD pair (data source from Bitfinex).
- The pair is likely to continue higher near $0.0250 or even $0.0265 as long as it is overhead $0.0218.
Tron Price Starts Fresh Increase:
Subsequently, forming a strong support base overhead $0.0200, Tron value started a fresh upsurge against the US Dollar. TRX broke a couple of significant 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 hopped over 15% and traded to a new weekly high at $0.0243. At the moment, the worth is combining gains and trading near the $0.0232 level. Early sustenance is near the $0.0230 level. It is near to the 23.6% Fib retracement level of the new rally from the $0.0190 low to $0.0243 high. The first primary support on the downside is near the $0.0220 & $0.0218 level.
The 50% Fib retracement level of the new rally from the $0.0190 low to $0.0243 high is also near the $0.0216 level to act as 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 more significant 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 chief support is near the $0.0218 level (the new breakout zone). There is also a central bullish trend line forming with support near $0.0210 on the 4-hours chart of the TRX/USD pair. Any additional losses may conceivably push the price back towards the $0.0200 support.
- Technical Indicators
- 4-hrs MACD- The MACD for TRX/USD is gaining momentum in the bullish zone.
- 4-hrs. RSI (Relative Strength Index)- The RSI for TRX/USD is rising & it is well above the 70 levels.
- Major Support Levels- $0.0230, $0.0220 & $0.0218.
- Major Resistance Levels- $0.0240, $0.0250 & $0.0265.
Source: btcwires.com