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Tron (TRX) rallies 10% despite the downward movements in ETH and BTC

The price of Tron regained strength and exceeded the resistance of $ 0.0250. The TRX has performed very well despite the recent bearish moves on Ethereum, bitcoin and ripple.

Key points of conversation

  • Tron's price made a new upward move and outperformed the $ 0.0250 (Binance data feed) resistance against the US dollar.
  • There was a break above a monstrous bearish trend line with resistance at $ 0.0260 on the 4-hour chart.
  • The TRX price is trading well at a bullish angle and may soon break the resistance of $ 0.0270.

Tron price analysis

Recently, we have seen bearish movements in litecoin, Ethereum, bitcoin, ripple and other altcoins, but the price of tron ​​remained supported compared to the US dollar. The TRX / USD pair formed a solid support above the $ 0.0240 level and then started a new bullish wave.

Tron price analysis TRX chart

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

The buyers managed to push the price over a monstrous bearish trend line with resistance at $ 0.0260 on the 4-hour chart. The price even surpassed the $ 0.0264 level and tested the 1.226 Fib extent of the last decline, from $ 0.0261 to $ 0.0231 minimum.

At the moment, the price is consolidating gains above the $ 0.0260 level and may continue to rise. Once there is a break above the resistance levels of $ 0.0268 and $ 0.0270, there may be a strong 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 minimum of $ 0.0261 to $ 0.0231 minimum. On the other hand, if there is a downward correction, the previous resistances close to $ 0.0260 and $ 0.0255 are likely to strongly support.

Overall, TRX remains well above the $ 0.0250 pivot and there is a high chance of gains above the $ 0.0265 and $ 0.0270 levels in the next sessions.

Market data is provided by TradingView.

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