Tron (TRX) Price Jumps 5% And Showing Early Signs of A Fresh Rally

Tron price formed a strong support base above $ 0.0150 against the US Dollar. TRX is currently up over 5% and it seems like the bulls are aiming a larger rally in the near term.

  • Tron price is gaining traction and it is trading nicely above $ 0.0168 against the US dollar.
  • The price traded to a new weekly high at $ 0.0177 and it is showing positive signs.
  • There was a break above a connecting bearish trend line with resistance near $ 0.0168 on the 4-hours chart of the TRX/USD pair (data source from Kraken).
  • The pair is likely to continue higher towards $ 0.0188 or even $ 0.0200 as long as it is above $ 0.0165.

Tron Price Could Rally To $ 0.020

After testing the $ 0.0150 support level, tron price started a fresh increase against the US Dollar. TRX broke a couple if important hurdles near $ 0.0160 to move into a positive zone.

Besides, there was a close above the $ 0.0165 level and the 100 simple moving average (4-hours). Recently, it rallied over 5% and outpaced other major cryptocurrencies, including bitcoin and Ethereum.

During the rise, there was a break above a connecting bearish trend line with resistance near $ 0.0168 on the 4-hours chart of the TRX/USD pair. The pair traded to a new weekly high at $ 0.0177 and it is showing positive signs.

An initial support is near the $ 0.0173 level. It coincides with the 23.6% Fib retracement level of the recent upward move from the $ 0.0163 low to $ 0.0177 high. The first major support on the downside is near the $ 0.01705 and $ 0.01700 levels.

Tron Price

TRX price breaks $ 0.0170. Source: TradingView.com

The 50% Fib retracement level of the recent upward move from the $ 0.0163 low to $ 0.0177 high might also provide support at $ 0.01700. On the upside, the first hurdle is near the $ 0.0178 and $ 0.0180 levels.

A successful close above the $ 0.0180 resistance level could open the doors for a larger rally towards the $ 0.0188 level or even $ 0.0200 in the coming sessions.

Dips Supported in TRX

If TRX price corrects lower, it is likely to remain supported near the $ 0.0170 level. The next major support is near the $ 0.0165 level (the recent breakout zone).

Any further losses may perhaps put pressure on the bulls and the price could dive below $ 0.0162 and the 100 simple moving average (4-hours).

Technical Indicators

4-hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for TRX/USD is rising and it is approaching the 75 level.

Major Support Levels – $ 0.0170, $ 0.0165 and $ 0.0162.

Major Resistance Levels – $ 0.0178, $ 0.0180 and $ 0.0200.

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