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.
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.