Tron (TRX) Price Starts Fresh Rally, Dips Remain Supported
Tron price jumped higher after forming a support base near $0.0255. TRX is currently trading with a lot of strength and it may continue to perform better than bitcoin, Ethereum and ripple.
Key Talking Points
Tron price climbed higher recently and remained above the $0.0255 support (Data feed of Binance) against the US Dollar.
There was a break above a crucial bearish trend line with resistance at $0.0261 on the 4-hours chart.
TRX price is currently correcting lower, but it remains well supported near $0.0262 and $0.0258.
TRON Price Analysis (TRX)
The past few hours were positive for tron price as it made a nice upward move above the $0.0260 resistance against the US dollar. The TRX/USD pair gained traction and traded above the $0.0280 level before starting a downside correction.
Looking at the chart, TRX price started a downside correction from the $0.0315 swing high in late January 2019. It declined below $0.0280 and $0.0260 support levels, but buyers were able to defend the $0.0250 support area.
Later, the price formed a solid support base near $0.0250 and started consolidating. Finally, there was an upside break above the $0.0260 resistance and the 100 simple moving average (4-hours).
Moreover, there was a break above a crucial bearish trend line with resistance at $0.0261 on the 4-hours chart. The price even traded above the $0.0280 and $0.0290 levels before topping around the $0.0294 level.
Tron price is currently correcting lower and traded near the 50% Fib retracement level of the last wave from the $0.0243 low to $0.0294 high. However, there are many supports on the downside near the $0.0265 and $0.0260 levels.
Besides, there is a bullish trend line and the 61.8% Fib retracement level of the last wave from the $0.0243 low to $0.0294 high near the $0.0258 level. Therefore, dips in TRON remains supported above the $0.0255 pivot level. It seems like TRX price may continue to perform better than litecoin, bitcoin, Ethereum, ripple and EOS in the short term.