Tron price regained strength and traded above the $0.0250 resistance. TRX performed really well despite recent bearish moves in Ethereum, bitcoin and ripple.

Key Talking Points

Recently, we saw bearish moves in litecoin, Ethereum, bitcoin, ripple and other altcoins, but tron price remained supported against the US dollar. The TRX/USD pair formed a solid support above the $0.0240 level and later started a fresh bullish wave.

Looking at the chart, TRX price broke the $0.0250 and $0.0255 resistance levels, and it is currently trading well above the 100 simple moving average (4-hours). Moreover, there was a break above the last swing high at $0.0261.

Buyers were successful in pushing the price above a monster bearish trend line with resistance at $0.0260 on the 4-hours chart. The price even spiked above the $0.0264 level and tested the 1.236 Fib extension level of the last decline from the $0.0261 high to $0.0231 low.

At the moment, the price is consolidating gains above the $0.0260 level and it may continue to move higher. Once there is a break above the $0.0268 and $0.0270 resistance levels, there could be a sharp 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 $0.0261 high to $0.0231 low. On the other hand, if there is a downside correction, the previous resistances near $0.0260 and $0.0255 are likely to act as strong supports.

Overall, TRX remains well bid above the $0.0250 pivot level and there are high possibilities of more gains above the $0.0265 and $0.0270 levels in tron in the coming sessions.

The market data is provided by TradingView.

The post Tron (TRX) Rallies 10% Despite Bearish Moves in ETH and BTC appeared first on Ethereum World News.

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