Tron Price Analysis

Tron (TRX) Rallies 10% Despite Bearish Moves in ETH and BTC

Tron price regained strength and traded above the $0.0250 resistance. TRX performed really well despite recent bearish moves in Ethereum, bitcoin and ripple.

Key Talking Points

  • Tron price made a fresh upward move and traded above the $0.0250 resistance (Data feed of Binance) against the US Dollar.
  • There was a break above a monster bearish trend line with resistance at $0.0260 on the 4-hours chart.
  • TRX price is trading nicely with a bullish angle and it could soon break the $0.0270 resistance.

Tron Price Analysis

Recently, we saw bearish moves in litecoin, Ethereum, bitcoin, ripple and other altcoins, but tron price remained supported against the US dollar. The TRX/USD pair formed a solid support above the $0.0240 level and later started a fresh bullish wave.

Tron Price Analysis TRX Chart

Looking at the chart, TRX price broke the $0.0250 and $0.0255 resistance levels, and it is currently trading well above the 100 simple moving average (4-hours). Moreover, there was a break above the last swing high at $0.0261.

Buyers were successful in pushing the price above a monster bearish trend line with resistance at $0.0260 on the 4-hours chart. The price even spiked above the $0.0264 level and tested the 1.236 Fib extension level of the last decline from the $0.0261 high to $0.0231 low.

At the moment, the price is consolidating gains above the $0.0260 level and it may continue to move higher. Once there is a break above the $0.0268 and $0.0270 resistance levels, there could be a sharp drift towards the $0.0300 level.

More importantly, the next stop could be the 1.618 Fib extension level of the last decline from the $0.0261 high to $0.0231 low. On the other hand, if there is a downside correction, the previous resistances near $0.0260 and $0.0255 are likely to act as strong supports.

Overall, TRX remains well bid above the $0.0250 pivot level and there are high possibilities of more gains above the $0.0265 and $0.0270 levels in tron in the coming sessions.

The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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