Tron is recovering from last week’s dip and is targeting $0.17 again after rallying past the $0.14 level during the weekend
The general cryptocurrency market is on a positive trend, with all of the leading cryptocurrencies trading in the green zone. Ethereum continues to lead the charge, setting a new all-time high above $4,100.
Tron’s TRX coin is also up by over 3% in the past 24 hours, surpassing the $0.14 mark in the process. An extended rally from the broader cryptocurrency market could see TRX attempt a run towards the $0.17 region. The analysis on Tron is positive at the moment as a number of experts believe its price will rally higher soon.
Giga candle soon pic.twitter.com/neeF6sfX0d
— muro – will not DM you (@MuroCrypto) May 5, 2021
TRX price outlook
TRX is rallying thanks to the performance of the broader cryptocurrency market. The TRX/USD 4-hour chart shows that Tron’s native cryptocurrency established a major support level around $0.137 over the weekend. This allowed it to rally by nearly 4% over the past 24 hours.
If the current trend continues and the general market performs well, the TRX/USD pair could target the next resistance point at $0.158. An extended rally could see Tron reach its weekly high price of $0.17 over the coming hours or days.
TRX/USD 4-hour chart. Source: Coinalyze
Tron’s MACD line has been in a bullish zone for the past few days, and it wouldn’t be surprising if the bulls come out stronger. It is trading well above its 100-day simple moving average, while its 14-day RSI is currently above 55. Hence, all the signals point to a stronger TRX, and the cryptocurrency could put in a good performance over the coming hours or days.
However, as the prices of cryptocurrencies are volatile, TRX could also move in a negative direction. A sell-off would see the bulls defend the $0.137 support level. Barring an extended sell-off, the bulls should comfortably defend the major support level at $0.11.
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Author: Hassan Maishera