Tron Price Could Surge Over 20%
Tron price is gaining pace above the $0.2400 resistance. TRX could start a major surge if it clears the $0.2575 resistance.
After a major decline, Tron price found support near the $0.2000 zone. A low was formed at $0.1982 and the price started a recovery wave above $0.2200. There was a consolation phase and recently TRX started a fresh increase.
There was a move above a key bearish trend line with resistance at $0.2400. The price was able to settle above the $0.2400 resistance zone and the 50-day simple moving average (blue), outperforming both Bitcoin and Ethereum.
The price is up over 10% and might continue to accelerate higher. TRX is now approaching a key hurdle near the $0.2575 level. It coincides with the 23.6% Fib retracement level of the downward move from the $0.4499 swing high to the $0.1982 low.
The current price action is positive and the last four daily candles suggest the price could continue to rise. If there is a close above the $0.2575 resistance, TRX could accelerate higher. The first major resistance is near the $0.2800 level.
A clear move above the $0.2800 level could send the price toward the $0.30 resistance. The main target for the bulls in the current wave could be $0.3240. It represents the 50% Fib retracement level of the downward move from the $0.4499 swing high to the $0.1982 low. Any more gains could open the doors for a test of $0.3800.
Are Dips Limited In TRX?
If there is no upside break, TRX price might start a downside correction. Initial support is $0.2420. The first major support is near the $0.2350 level and the 50-day simple moving average (blue).
A close below $0.2250 may perhaps call for a sharp decline. The next key support sits at $0.2200, below which the price might test the $0.2080 support. Any more losses could lead Tron toward the $0.2000 support.
Overall, Tron price is showing positive signs above $0.2400 and the 50-day simple moving average (blue) at. If the bulls clear the $0.2575 barrier, the price could rally toward the $0.2800 level or even $0.3240. Conversely, there might be a downside correction, and the price could find bids near the $0.2320 zone.