Tron price is up over 5% and gaining pace above $0.0725 against the US Dollar. #TRX is outperforming Bitcoin and could rise further toward $0.0850.

#Tron is slowly moving higher above $0.0720 pivot level against the US dollar.

The price is trading above $0.072 and the 100 simple moving average (4 hours).

There was a break above a key bearish trend line with resistance near $0.0735 on the 4-hour chart of the TRX/USD pair (data source from Kraken).

The pair is likely to continue higher if it clears the $0.0750 resistance level.

Tron Price Jumps 5%

In the past few days, Tron’s price saw a decent increase above the $0.0675 level against the US Dollar, similar to Bitcoin and Ethereum. TRX climbed above the $0.070 resistance and the 100 simple moving average (4 hours).

There was a clear move above the 23.6% Fib retracement level of the key decline from the $0.0849 swing high to the $0.0646 low. Besides, there was a break above a key bearish trend line with resistance near $0.0735 on the 4-hour chart of the TRX/USD pair.

TRON price is now trading above $0.072 and the 100 simple moving average (4 hours). On the upside, an initial resistance is near the $0.0750 zone. It is close to the 50% Fib retracement level of the key decline from the $0.0849 swing high to the $0.0646 low.

A close above the $0.0750 resistance might send TRX further higher. The next major resistance is near the $0.0800 level, above which the #bulls are likely to aim a larger increase toward the key $0.0850 zone in the coming days. Any more gains could set the pace for a move toward the $0.088 level.

Are Dips Supported in $TRX ?

If TRX price fails to clear the $0.0750 resistance, it could correct lower. Initial support on the downside is near the $0.0730 zone and the trend line.

The next major support is near the $0.0715 level or the 100 simple moving average (4 hours). The main support is $0.0690, below which there is a risk of a move toward the $0.0650 support.

Technical Indicators

4 hours MACD – The MACD for #TRX/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.

Major Support Levels – $0.0732, $0.0715, and $0.0690.

Major Resistance Levels – $0.0750, $0.080, and $0.085.

Financial titan Bank of America (BofA) says money market funds just witnessed a deluge of more than half a trillion dollars worth of capital.

According to a recent BofA investor note, money market funds have attracted $756 billion in investments this year amid the lingering banking crisis and the Federal Reserve’s aggressive rate hikes, per Reuters.

A money market fund is a type of mutual fund that seeks yield by investing in high-quality short-term debt, including those offered by the US government. Yields available on money market funds have skyrocketed this year due to the steep rise in interest rates.

According to the financial giant, the flow of capital into money market funds is nearing a level last witnessed about three years ago when investors panicked and redirected $917 billion into cash funds amid the Covid-19 pandemic.

While investors are pouring an immense amount of capital into money market funds, BofA’s investor note reveals that it comes at the expense of the stock market.

Citing numbers from financial analytics firm EPFR, BofA reveals that funds focused on the stock market saw their third consecutive weekly outflows to the tune of $3.9 billion

Bank of America’s chief investment strategist Michael Hartnett reportedly said in the investor note that the stock market could witness a major sell-off event in the coming weeks.

“We expect another bout of risk-off to return (in) late June.” 

#bitcoin #bulls