Crypto Analysis

Tron (TRX) Rally Looks Real, Price Could Test $0.0350

Tron price rallied recently and broke the $0.0220 and $0.0250 resistance levels. TRX remains well supported on the downside and it could move past $0.0300 and $0.0320.

Key Talking Points

  • Tron price made a nice upward move and broke the $0.0250 resistance (Data feed of Binance) against the US Dollar.
  • There is a major bullish trend line formed with support at $0.0240 on the 4-hours chart.
  • TRX price remains well supported and it could continue higher towards $0.0300 or $0.0320.

Tron Price Analysis

This week, there was a sharp upward move in tron price from the $0.0200 support base against the US dollar. The TRX/USD pair gained momentum and broke the $0.0220 and 0.0250 resistance levels.

Tron Price Analysis TRX Chart

Looking at the chart, TRX price even broke the $0.0275 level and settled above the 100 simple moving average (4-hours). A new yearly high was formed at $$0.0277 and later the price started consolidating gains.

It declined below $0.0265 and the 23.6% Fib retracement level of the last wave from the $0.0221 low to $0.0277 high. However, declines were limited and the price is currently trading in a range above the $0.0260 support.

On the downside, the next support is near the $0.0250 level and the 50% Fib retracement level of the last wave from the $0.0221 low to $0.0277 high. Moreover, there is a major bullish trend line formed with support at $0.0240 on the 4-hours chart.

Therefore, if there is a downside correction, the price is likely to find strong bids near the $0.0250 and $0.0240 level. Once the current consolidation or correction phase is over, the price may climb back above $0.0275.

If TRX buyers remain in action, there is a chance of a push above the $0.0300 resistance in the coming sessions. The next major hurdle above the $0.0300 level is near the $0.0320 level, followed by $0.0350. Therefore, tron supporters may look for short term dips to enter in the market for more gains in the near term.

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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