Tron is recovering from last week’s slump and is now targeting the $ 0.17 mark again, having risen above $ 0.14 over the weekend
The broad cryptocurrency market is in a positive trend, with all leading cryptocurrencies trading in the green. Ethereum continues to lead this development and sets a new all-time high above 4,100 US dollars.
Tron’s TRX coin has risen more than 3% in the last 24 hours, surpassing the 0.14 US dollar mark. With the broader cryptocurrency market continuing to rally, TRX could make a run for the 0.17 US dollar range. Many experts give a positive assessment of Tron as they believe that price will rise again soon.
Giga candle soon pic.twitter.com/neeF6sfX0d
— muro – will not DM you (@MuroCrypto) May 5, 2021
Thanks to the Performance of the broader cryptocurrency market, TRX is in a rally. The TRX/USD 4-hour chart shows that Tron has built a large support level around $ 0.137 over the weekend. So the couple could increase by almost 4% in the last 24 hours.
If the current trend continues and the broader market develops well, the TRX/USD pair could face the next resistance at $ 0.158. A sustained rally could see Tron reach its weekly high of $ 0.17 in the coming hours or days.
4-Hour chart TRX / USD. Source:Coinalyze
Tron’s MACD line has been in bullish territory for several days and it wouldn’t come as a surprise if the bulls got even stronger. Tron is well above its 100-day SMA, while its 14-day RSI is currently above 55. Therefore, all indicators point to a stronger TRX, and the cryptocurrency could develop very well in the coming hours or days.
However, since cryptocurrency prices are volatile, TRX could also move in a negative direction. In the event of a wave of sales, the bulls would have to defend the support level of $ 0.137. Unless there is a longer wave of sales, the bulls should be able to easily defend the large support level at $ 0.11.