The TRX/USD coin extended its gaining streak and drew further bids above the $0.070 level. That’s because the digital asset is trying to gain traction from lower levels after an extended downtrend in the past few trading sessions.

Tron coin’s weekly chart predicts a bullish trend, as it is making higher highs and lower lows. After a bearish phase, the crypto asset is now trading on a bullish track, and the volume action is also supportive. The volume over the chart increases with the bullish momentum and jumps above the average line.

Tron coin is trading at $0.069433, with sharp intraday gains of 7.41%. The bullish bias of the broad-based US dollar, backed by the Fed’s hawkish remarks, has failed to put any downside pressure on the TRX/USD coin pair, at least for now.

The US dollar extended its positive early-day performance, remaining well bid on the day, as investors are cheering the hawkish remarks by the US Federal Reserve.

The Fed Vice Chair, Richard Clarida, said the conditions for an interest rate hike are expected to appear in late 2022, setting the stage for a move in early 2023. Conversely, the ongoing upbeat market mood was seen as one of the key factors that kept a lid on any additional gains in the safe-haven greenback. Therefore, the upticks in the US dollar kept the gains in the TRX/USD currency pair limited.