TRON Jumped By 10% As Technicals Suggest Another Upward Move

TRON jumped by 10% as the technicals suggest another big upward move to the $0.0300 level. TRX just surpassed the $0.0250 and the $0.0260 resistance levels against the US dollar and is currently correcting the gains so let’s read more in the TRON TRX news.

Tron’s price gains bullish momentum above the $0.0260 resistance against the US dollar and it even traded to a new weekly high of $0.0289. TRX is now correcting lower while breaking above the key ascending channel with resistance close to the $0.2624 on the 4-hour charts of the TRX/USD pair. the pair will likely go higher to $0.0300 as long as it stands above the $0.0240.

Over the past three sessions, Tron jumped by 10% and gained momentum against the US dollar outperforming both ethereum and bitcoin. TRX traded above the $0.0250 resistance area and started a fresh increase. The upward move was quite strong as the price surpassed the $0.0260 level settling above the 100 simple moving average. During the rise, there was a break above the key ascending channel with a resistance close to the $0.0264 level. The pair traded to a new weekly high of $0.0289 and is now correcting lower.

It then traded below the 23.6% fib retracement level of the $0.0241 low level to the $0.0289 high. The first big support on the downside is close to the $0.0265 level and the broken channel resistance. It is also close to the 50% retracement level from the recent wave of $0.0241 low to a $0.0289 high. Looking on the upside, the bulls are facing major hurdles close to the $0.0285 level and the main resistance will now be set at $0.0300 level above which the price will speed higher towards $0.0320.

If the TRX price corrects lower, it will remain supported close to the $0.0265 breakout zone while the next major support will be close to the $0.0250 pivot zone. further losses could push the price even lower below which the bulls will lose control. The 4-hour MACD for the pair is gaining momentum in the bullish zone while the 4-hour RSI is now correcting lower form the 80 levels. The major support levels include $0.0265, $0.0250, and $0.0240 while the major resistance levels include $0.0288 and $0.0300.