- Tron price started a fresh rally from the $0.1000 support zone against the US Dollar.
- TRX price is now trading above the $0.1200 support and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.1365 on the 4-hours chart (data feed via Bitfinex).
- The pair is likely to resume higher unless there are more downsides towards the $0.1000 support.
TRON price is trading in a positive zone above $0.1200 against the US Dollar, similar to bitcoin. TRX price is likely to continue higher above the $0.1500 resistance zone in the near term.
Tron Price Analysis
In the past few days, there was a steady increase in tron price above the $0.1000 and $0.1050 resistance levels against the US Dollar. TRX price cleared many hurdles near $0.1200 to move further into a bullish zone.
Finally, there was a break above the $0.1500 resistance zone. A new multi-week high was formed near $0.1562 before the price started a downside correction. There was a break below the $0.1500 and $0.1450 support levels.
A low is formed near $0.1320 and the price is currently consolidating. It is trading near the 23.6% Fib retracement level of the recent decline from the $0.1562 high to $0.1320 low. It is still trading above the $0.1200 support and the 55 simple moving average (4-hours).
There is also a major bullish trend line forming with support near $0.1365 on the 4-hours chart. An initial resistance on the upside is near the $0.1450 level. It is near the 50% Fib retracement level of the recent decline from the $0.1562 high to $0.1320 low.
The next major resistance is near the $0.1500 level, above which the price is likely to accelerate higher towards $0.1650 and $0.1680. Conversely, there might be a downside break below the trend line and $.1350.
The next major support is near the $0.1250 level and the 55 simple moving average (4-hours). Any more losses might call for a test of the $0.1200 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 is likely to resume higher unless there are more downsides towards the $0.1000 support.
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 still above the 50 level.
Key Support Levels – $0.1350 and $0.1250.
Key Resistance Levels – $0.1450, $0.1500 and $0.1650.