• TRX/USD technical picture suggests that sideways trading above $0.0120 will take center stage.
  • Tron price correlation with Bitcoin price could see it rally to levels above $0.0250 post-May halving.

Tron price has made substantial progress from the dive in March where it hit lows of $0.0070. At the moment TRX/USD is doddering at $0.0126. It has embraced support above $0.0120 and gearing up for a consolidative movement at the Bollinger Band daily middle curve. On the upside, the 50-day SMA is standing in the way of recovery ahead of the critical resistance at $0.0140.

On the other hand, the granddaddy of cryptocurrencies, Bitcoin is trading at $6,866. It is slightly in the green with intraday gains of 0.08%. Bitcoin has in recent days retreated from levels above $7,500. The retreat comes just weeks before the halving, which is scheduled to take place in May.

Despite Bitcoin lagging its historical pre-halving rally, some experts and cryptocurrency enthusiasts believe that a post-halving rally is still on the table. Tron like other altcoins is still correlated to Bitcoin. Therefore, if Bitcoin rallies towards $10,000 we can also expect significant bullish action with TRX/USD, with a target of $0.025.

From a technical perspective, the daily RSI clearly shows that ongoing sideways trading will take center stage. TRX/USD spike above $0.0140 will depend on the ability of the BB daily middle curve support to hold, blocking all selling activities that threaten to retest support at $0.0100. The ongoing consolidation coupled with correlation to Bitcoin price will eventually point XRP in a trajectory towards $0.025.

TRX/USD daily chart

TRX/USD price chart

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Crypto Today: Bitcoin, Ethereum and XRP gain on Friday, meme coin NEIRO erases recent gains

Crypto Today: Bitcoin, Ethereum and XRP gain on Friday, meme coin NEIRO erases recent gains

Bitcoin steadies above $60,000 on Friday, gains over 1% on the day. Ethereum trades above $2,400, while BlackRock Spot Ethereum ETF sees a $17.8 million inflow on Thursday. XRP is back above $0.5300 as Ripple files cross-appeal in SEC lawsuit.

More Cryptocurrencies News
Cardano celebrates milestone: Hosts Argentina’s first legally enforceable smart contract

Cardano celebrates milestone: Hosts Argentina’s first legally enforceable smart contract

Cardano ambassador Mauro Andreoli recently announced Cardano’s milestone of Argentina’s first legally and judicially enforceable contract. The first loan agreement in Cardano under Argentine law involves a loan of 10,000 ADA tokens, currently valued at $3,380.

More Cardano News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC finds support around $60,000

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC finds support around $60,000

Bitcoin is finding support around the key level, and a close below this level could signal a decline. Ethereum is approaching a critical resistance barrier; rejection from this level suggests a decline ahead. Meanwhile, Ripple is stuck in a range, reflecting a period of indecision among traders.

More Cryptocurrencies News
SEC sues Cumberland DRW for acting as an unregistered securities broker, Solana ETFs at risk

SEC sues Cumberland DRW for acting as an unregistered securities broker, Solana ETFs at risk

SEC sued crypto trading company Cumberland DRW for allegedly acting as an unregistered broker. Solana was among five cryptocurrencies the SEC alleged to be securities sold via the platform.

More Cryptocurrencies News
Bitcoin Weekly Forecast: Will BTC decline further?

Bitcoin Weekly Forecast: Will BTC decline further?

Bitcoin’s (BTC) price fell over 6% at some point this week until Thursday, extending losses for a second consecutive week, as it faced rejection from a key resistance barrier.

Read full analysis
Five best Forex brokers in 2024

Five best Forex brokers in 2024

VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals. 

Read More

BTC

ETH

XRP