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HomeAltcoin NewsTron (TRX) Price Analysis: $0.038 Presents A Crucial Challenge

Tron (TRX) Price Analysis: $0.038 Presents A Crucial Challenge

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  • Tron price surged and cleared the $0.0300 and $0.0320 resistance levels against the US Dollar.
  • TRX price tested the $0.0380 barrier and settled above the 55 simple moving average (4-hours).
  • There is a major contracting triangle forming with support near $0.0335 on the 4-hours chart (data feed via Bitfinex).
  • The pair is likely to start a fresh increase as long as it is above $0.0330 and $0.0300.

TRON price is trading in a positive zone above $0.0320 against the US Dollar, similar to bitcoin. TRX price could start another increase above $0.0350, but the $0.0380 zone is a major hurdle.

Tron Price Analysis

TRON price started a strong increase after it broke the $0.0280 resistance against the US Dollar. TRX price broke the $0.0300 pivot level and settled well above the 55 simple moving average (4-hours) to move into a positive zone.

The price even rallied above the $0.0350 level and spiked above the $0.0380 barrier. A high was formed near $0.0390 before the price started a downside correction. There was a sharp decline below $0.0350, but the price remained well bid above the $0.0320 level.

A low is formed near $0.0318 and the price is currently consolidating in a broad range. There was a break above the 50% Fib retracement level of the downward move from the $0.0390 high to $0.0318 low.

On the upside, there is a major resistance forming near the $0.0360 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.0390 high to $0.0318 low. There is also a major contracting triangle forming with support near $0.0335 on the 4-hours chart.

A successful close above the $0.0350 and $0.0360 resistance levels may perhaps start another increase in the near term. The main hurdle is still near the $0.0380 level, above which the bulls might aim a break above $0.0400.

Conversely, the price might decline below the triangle support level at $0.0335. The next major support is near the $0.0320 level, below which the price could dive towards the $0.0300 level.

Tron Price
Tron Price

The chart indicates that TRX price clearly preparing for the next move with a major support near $0.0320. Overall, the price is likely to start a fresh increase as long as it is above $0.0330 and $0.0300.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is showing positive signs in the bullish zone.

4 hours RSI – The RSI for TRX/USD is still well above the 55 level.

Key Support Levels – $0.0335 and $0.0320.

Key Resistance Levels – $0.0350, $0.0360 and $0.0380.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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