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.
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.