Can TRX/USD rally amid Bitcoin halving?

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  • TRX/USD technical picture suggests that sideways trading above $0.0120 will take center stage.
  • Tron price correlation with Bitcoin price could see it rally to levels above $0.0250 post-May halving.

Tron price has made substantial progress from the dive in March where it hit lows of $0.0070. At the moment TRX/USD is doddering at $0.0126. It has embraced support above $0.0120 and gearing up for a consolidative movement at the Bollinger Band daily middle curve. On the upside, the 50-day SMA is standing in the way of recovery ahead of the critical resistance at $0.0140.

On the other hand, the granddaddy of cryptocurrencies, Bitcoin is trading at $6,866. It is slightly in the green with intraday gains of 0.08%. Bitcoin has in recent days retreated from levels above $7,500. The retreat comes just weeks before the halving, which is scheduled to take place in May.

Despite Bitcoin lagging its historical pre-halving rally, some experts and cryptocurrency enthusiasts believe that a post-halving rally is still on the table. Tron like other altcoins is still correlated to Bitcoin. Therefore, if Bitcoin rallies towards $10,000 we can also expect significant bullish action with TRX/USD, with a target of $0.025.

From a technical perspective, the daily RSI clearly shows that ongoing sideways trading will take center stage. TRX/USD spike above $0.0140 will depend on the ability of the BB daily middle curve support to hold, blocking all selling activities that threaten to retest support at $0.0100. The ongoing consolidation coupled with correlation to Bitcoin price will eventually point XRP in a trajectory towards $0.025.

TRX/USD daily chart

TRX/USD price chart

 

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