Tron (TRX) Rally seems real, the price could test $ 0.0350

The price of Tron has recently reorganized and has broken resistance levels of $ 0.0220 and $ 0.0250. TRX remains well supported on the downside and could exceed $ 0.0300 and $ 0.0320.

Key points of conversation

• Tron's price made a nice upward move and broke the resistance of $ 0.0250 (Binance's data feed) against the US dollar.
• There is an uptrend line formed with support at $ 0.0240 on the 4-hour chart.
• The TRX price remains well supported and could continue towards $ 0.0300 or $ 0.0320.

Price analysis of Tron

This week, there was a strong rise in the price of tron ​​from the support base of $ 0.0200 compared to the US dollar. The TRX / USD pair gained momentum and broke resistance levels of $ 0.0220 and 0.0250.

Looking at the chart, the TRX price even exceeded the $ 0.0275 level and positioned above the simple moving average at 100 (4 hours). A new annual maximum was formed at $ 0.0277 and thereafter the price started to consolidate the gains.

It fell below $ 0.0265 and the fiber retracement level of 23.6% of the last wave from $ 0.0221 to $ 0.0277. However, the downturns have been limited and the price is currently trading in a range above the support of $ 0.0260.

On the downside, the next support is close to the $ 0.0250 level and the 50% Fiber retracement level of the last wave from the low of $ 0.0221 to $ 0.0277. Furthermore, there is an uptrend line formed with support at $ 0.0240 on the 4-hour chart.

Therefore, if there is a downward correction, it is likely that the price will find strong bids near the $ 0.0250 and $ 0.0240 level. Once the current consolidation or correction phase is over, the price could rise above $ 0.0275.

If the TRX buyers remain in action, there is a possibility of a push above the resistance of $ 0.0300 in the next sessions. The next major obstacle above the $ 0.0300 level is close to the $ 0.0320 level, followed by $ 0.0350. Therefore, trustees may look for short dives to enter the market for further gains in the short term.

Market data is provided by TradingView.