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 worth is gaining bullish momentum above the $0.0260 resistance against the US dollar. The worth 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 probable 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 its outperformed bitcoin and Ethereum. TRX traded above the $0.0250 resistance area to start afresh increase. The upcoming move was strong, as the price surpassed the $0.0260 level and settled nicely overhead the 100 simple moving average (4-hours). Through the upsurge, 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. The first chief 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 primary 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 subsequent chief sustenance is near the $0.0250 pivot level. Any additional losses may push the worth further lower towards the $0.0240 level, below which the bulls are likely to lose control in the near term.