- Tron’s TRX has been in a bullish trend in the past few months.
- It is stuck at the 50% Fibonacci Retracement level on the daily chart
- The strong US dollar index recovery has stalled.
Tron price has held steady at the 50% Fibonacci Retracement level as the US dollar index (DXY) rally stalls. TRX was trading at $0.0690, where it has been in the past few days. This price is a few points below this week’s high of $0.073. It has jumped by more than 52% from its lowest point in December last year.
Tron, like other cryptocurrencies, is reacting to the ongoing macro factors in the financial market. With the US unemployment rate crashing to 3.4% and inflation remaining high, investors believe that the Federal Reserve will maintain its hawkish tone. Economists polled by Reuters expect that the Fed will hike by 0.25% in its March meeting.
This explains why bond yields have surged in the past few months. The 10–year treasury yield has jumped to 4%, the highest level in months. At the same time, the 2-year bond yield has jumped to over 3%. This means that investors are concerned about the short-term outlook of the market.
Read more: How to buy Tron.
Meanwhile, the strong US dollar index comeback has eased recently. The dollar index, which measures the performance of the greenback against a basket of major currencies, has been stuck at about $105 in the past few days. This is a sign that investors are concerned that the dollar rebound could be fading.
Tron price tends to have an inverse correlation with the US dollar index. In most periods, TRX price tends to retreat when the DXY index is rising and vice versa.
Tron price prediction
TRX price has been in a slow bullish trend in the past few weeks. On the daily chart, it has moved to the 50% Fibonacci Retracement level. It has also formed an ascending channel that is shown in black. Tron has also moved above the 25-day and 50-day exponential moving averages (EMA). It has also jumped above the key support point at $0.065, the highest point in November last year.
Therefore, Tron will likely continue rising in the coming days, with the next key resistance point being at $0.075. This price is at the 61.8% Fibonacci Retracement level. It is also about 8% above the current level. A move below the support at $0.067 will invalidate the bullish view.
