TRX outperforms BTC as the price increased over 5% and bitcoin went down by the same rate, but analysts say that the altcoin could correct lower soon so let’s find out more in our TRON TRX news.
TRON’s price is testing the crucial resistance of $0.0385 and it could correct lower in the short term, despite trading in the positive zone now above the $0.0320 pivot level against the US dollar. The price traded in a new weekly high of $0.0386 and is now consolidating the gains with a key connecting bullish trend line forming along with the $0.0350 level on the 4-hour charts of the pair. The pair will correct lower but the bulls will also prepare to defend the $0.0350 level.
Over the past few sessions, the price followed a bullish path above the $0.300 level against the US dollar so TRX outperforms BTC and Ethereum too. TRX broke the $0.3050 resistance zone and settled above the 100 simple moving average too. The price even traded to a weekly high of $0.386 and is now consolidating gains. The initial support is close to the $0.0370 level, close to the 23.6% fib retracement level from the recent rally of $0.0315 low to $0.0386.
The first major support on the downside is close to the $0.3050 level and there’s also a key connecting bullish trend line forming close to the support of $0.0350 on the 4-hour of the TRX/USD pair. The trendline is close to the 50% fib retracement level of the recent rally from the $0.0316 low to the $0.0386 high. On the upside, TRX is facing a major hurdle close to the $0.0385 zone. If the bulls manage to clear the $0.385 resistance, the price will rally. The next major resistance is close to the $0.0400 level above which the bulls will aim bigger increase towards the key of $0.0500 zone.
If the price fails to clear the $0.0385 barrier, it could even correct lower while initial support is close to the $0.0350 zone where the bulls will show up. It seems like the dips will remain supported but the losses below the $0.0350 will lead the price to the $0.0320 support zone in the near-term. The 4-hour MACD for the pair is gaining momentum in the bullish zone while the 4-hour RSI is currently in the overbought zone.
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