Tron Market Update: TRX/USD breaks out above $0.0140, could hit 200-day SMA
- Tron price is trading between support of the 50-day SMA and the resistance at the 200-day SMA.
- TRX/USD bullish momentum above $0.0140 is supported by the upward sloping RSI and the MACD’s bullish divergence.
Tron price has stayed in the bullish corner since it stepped above the 50-day SMA last week. The recovery was part of a bullish action commenced following a correction from the sharp dive in cryptocurrency prices in mid-March. Initially, TRX/USD pushed past the 23.6% Fibonacci level taken between the last swing high at $0.02680 to a swing low at $0.0073. However, extended movements north were limited by the resistance at $0.014 until the breakout on Monday during the Asian session.
At the time of writing, Tron is dancing at $0.0144 while battling the selling pressure at the 38.2% Fibonacci level. The bullish momentum is strongly supported by the upward sloping RSI. Because the RSI stands at 65, TRX/USD has room for growth before hitting overbought conditions.
At the same time, the MACD doubles down on the position of the buyers in the market. The divergence above the MACD signals that buying pressure is still rising. In other words, Tron could soon extend the bullish action above the 38.2% Fibo and focus on breaking the hurdle at the 200-day SMA (slightly below $0.0160). On the flip side, initial support can be observed at $0.0140, the 50-day SMA, $0.0100 and $0.0075.
TRX/USD daily chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
