Crypto News

Tron’s Bullish Trend: Targets $0.075 Amidst Outperformance Against Bitcoin

Published by
Nonhlanhla P Dube
  • Tron (TRX) has outperformed Bitcoin and Ethereum in recent trading sessions by remaining strong above the $0.0650 level against the US dollar.
  • TRX is consolidating its gains above the 23.6% Fib retracement level of the upward move from the $0.0640 swing low to the $0.0699 high, and is trading above $0.0685 and the 100 simple moving average (4 hours).
  • If TRX manages to close above the $0.070 resistance level, it may aim for larger increases towards the $0.0750 zone in the near future. On the downside, initial support is near the $0.069 zone and the trend line.

Tron’s price has been holding strong above the $0.0650 level against the US dollar in recent trading sessions, outperforming both Bitcoin and Ethereum. TRX has gained momentum for a clear move above the $0.068 resistance and the 100 simple moving average (4 hours).

After trading close to the $0.070 resistance, a high was formed near $0.0699, and the price is currently consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.0640 swing low to the $0.0699 high. TRX is now trading above $0.0685 and the 100 simple moving average (4 hours). On the 4-hour chart of the TRX/USD pair, a major bullish trend line is forming with support near $0.0692.

On the upside, an initial resistance is near the $0.0700 zone. A close above the $0.070 resistance could send TRX higher. The next major resistance is near the $0.0720 level, above which the bulls are likely to aim for a larger increase toward the key $0.0750 zone in the coming sessions. Any more gains could set the pace for a move toward the $0.078 level.

However, if TRX fails to clear the $0.070 barrier, it could correct lower. Initial support on the downside is near the $0.069 zone and the trend line. The next major support is near the $0.0670 level and the 100 simple moving average (4 hours). The main support is $0.0662, below which there is a risk of a move toward the $0.064 support.

The dips in TRX are expected to be limited, as the cryptocurrency continues to outperform Bitcoin and Ethereum. With the bullish trend line and support levels in place, TRX has the potential to make significant gains in the coming sessions. South African investors interested in cryptocurrency should keep an eye on TRX’s performance as it could present a valuable investment opportunity.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube

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