Tron Breaks Out Above $0.0144, TRX Surges 3% This Morning

The Tron price is right now a major topic in the latest cryptocurrencies news for trading between the support of the 50-day SMA and the resistance at the 200-day SMA. As we can see today, Tron breaks out above $0.0144 which is a major psychological level for the TRX price. The bullish momentum is supported by the upward slopping RSI and the MACD’s bullish divergence.

According to experts, the recovery was part of a bullish action which was initiated following a correction from the sharp dive in the crypto prices in mid-March. Initially, TRX/USD pushed past the 23.6% Fibonacci level which has been taken with the last swing high at $0.02680 to the low of $0.0073. We can see that there is a big gap between the highs and lows of the TRX price, which is why the fact that Tron breaks out today is something very important for investors.

At the time of writing, the Tron price is in a rise above $0.0144 while battling the selling pressure at the 38.2% Fibonacci level. This bullish momentum is strongly supported by the upward slopping RSI. Because this RSI stands at 65, the TRX/USD pair has room for growth before hitting overbought conditions.

At the same time, we can see how the MACD doubles as Tron breaks out, going near the position of the buyers in the market. The divergence above the MACD now signals that buying pressure is still rising.

In other words, this means that the Tron news could soon show a new bullish action and TRX could extend the movement above the 38.2% Fibonacci levels and focus on breaking the hurdle at the 200-day SMA. On the flip side, initial support can be observed at $0.0140.

Besides Tron, the altcoin news today also feature Cardano (ADA) as one of the biggest gainers on the market. ADA managed to grow by more than 7% this morning to a price of $0.0455 which is a major improvement for this coin.

The market today is a mix of reds and greens. While the Tron price, Cardano price and Bitcoin price extended their gains, we can see major losses in the price of Tezos (XTZ) by more than 4% as well as Chainlink (LINK) which dropped by 3.41%.