- Tron’s price initiated a fresh rally and rose by 5%
- TRX/USD found a strong support zone above $0.0150
- TRX price is gaining traction and trading above $0.0168
Tron News Today – Tron’s price found support above $0.0150. The price of TRX is up by 5%. It appears the bulls are targeting a larger rally in the near-term outlook. Tron’s price is gaining traction. It is trading above $0.0168. The price reached a new weekly high of $0.0177. The signals have been positive. The coin broke above a connecting bearish pattern with resistance at $0.0168 via the 4-hour chart of the TRX/USD trading pair. The TRX/USD pair will likely to continue moving higher and approach the $0.0188 area or even the $0.0200 area as long as it stays above the $0.0165 position.
Tron’s Price Could Rally To the $0.020 Level
After finding support at $0.0150, TRX started a fresh rally. TRX/USD broke several important hurdles near $0.0160 before moving into the positive area. There was a close above $0.0165 and the 100-day SMA via the 4-hour chart. Recently, the coin rallied by 5% and also outpaced most of the major cryptos, including Bitcoin and Ethereum.
When the TRX price was rising, it had a break above one connecting bearish pattern with resistance close to $0.0168 via the 4-hour chart for TRX/USD. The trading pair reached a new weekly high of $0.0177. It is currently showing positive signals. There is initial support near the $0.0173 area. This action coincides with the 23.6% Fib retracement of the recent move from $0.0163 to $0.0177. The first major support positions via the downside seats at $0.01705 and $0.01700.
Tron’s Price Could Dip in the Coming Session
A close above $0.0180 which is a resistance area could pave the way for a big rally to the $0.0188 position or $0.0200 in the coming trading sessions. If the price of TRX manages to correct lower, it will likely remain supported at the $0.0170 position. The next significant support for the TRX/USD pair is near $0.0165 which is the most recent breakout area. Further losses may mount pressure on the bulls.
The price of Tron could dive below $0.0162 and the 100-day SMA via the 4-hour chart. The technical indicators for the coin show that the MACD for the TRX/USD pair is gaining momentum and is in the bullish area. The RSI for TRX is reportedly on the rise and is approaching the 75 level. It found major support positions at $0.0170, $0.0165, and $0.0162. It also found major resistance at $0.0178, $0.0180, and $0.0200.
Tron’s price has been stagnant in recent times but recent events point to a fresh rally. It is still at risk of decline in the short term.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
