- Tron price started a fresh increase from the $0.092 support zone against the US Dollar.
- TRX price is now trading above the $0.1100 support and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.1100 on the 4-hours chart (data feed via Bitfinex).
- The pair seems to be staging a strong increase above the $0.1300 and $0.1350 resistance levels.
TRON price is holding the $0.1000 support zone against the US Dollar, similar to bitcoin. TRX price is likely to setup a major increase if there is a break above $0.1350.
Tron Price Analysis
This past week, there was a steady decline in tron price below the $0.1200 and $0.1100 support levels against the US Dollar. TRX price even declined below $0.1000 before it found support near $0.0920.
A low was formed near $0.0921 before the price started a decent increase. There was a break above the $0.1000 and $0.1100 resistance levels. The price climbed above the 23.6% Fib retracement level of the key decline from the $0.1805 high to $0.0921 low.
There was also a break above a key bearish trend line with resistance near $0.1100 on the 4-hours chart. The pair is now trading above the $0.1100 support and the 55 simple moving average (4-hours).
An immediate resistance is near the $0.1350 and $0.1360 levels. The 50% Fib retracement level of the key decline from the $0.1805 high to $0.0921 low is also near the $0.1360 level to act as a major resistance. The next major resistance could be $0.1450, above which the price could rise towards the $0.1600 zone.
If there is a downside correction, an initial support could be near the $0.1200 level and the 55 simple moving average (4-hours). The next major support is near the $0.1100 level. Any more losses might call for a test of the $0.1000 level.
The chart indicates that TRX price is clearly trading above the $0.1200 support and the 55 simple moving average (4-hours). Overall, the price seems to be staging a strong increase above the $0.1300 and $0.1350 resistance levels.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is now above the 50 level.
Key Support Levels – $0.1200 and $0.1100.
Key Resistance Levels – $0.1300, $0.1350 and $0.1500.
