- Tron price started a strong rise above the $0.0300 resistance zone against the US Dollar.
- TRX price traded as high as $0.0373 and it is currently consolidating gains.
- There is a major bullish trend line forming with support near $0.0315 on the 4-hours chart (data feed via Bitfinex).
- The pair could correct a few points, but dips are likely to remain bid near $0.0340 or $0.0315.
TRON price is trading in a strong uptrend well above $0.0340 against the US Dollar, while bitcoin is struggling near $12,000. TRX price is likely to continue higher towards $0.0400 or $0.0500.
Tron Price Analysis
In the past few days, TRON price started a strong increase above the $0.0300 resistance against the US Dollar. TRX price broke many hurdles near $0.0315 and the 55 simple moving average (4-hours) to extend its rise.
The bulls gained strength and the price rallied above the $0.0350 level. It traded as high as $0.0373 and it is currently consolidating gains. An initial support is near the $0.0350 level. The stated support is close to the 23.6% Fibonacci retracement level of the upward wave from the $0.0280 swing low to $0.0373 high.
The first major support is near the $0.0320 level. There is also a major bullish trend line forming with support near $0.0315 on the 4-hours chart. The trend line is close to the 50% Fibonacci retracement level of the upward wave from the $0.0280 swing low to $0.0373 high.
If there is a downside break below the trend line, the price could decline towards the $0.0300 support zone. The next major support is near the $0.0260 level or the 55 simple moving average (4-hours).
On the upside, the first major resistance is near the $0.0385 level, above which the price might could make an attempt to surpass the $0.0400 barrier. In the stated case, the bulls are likely to aim a test of the key $0.0500 resistance zone in the coming days.
The chart indicates that TRX price is clearly trading in a strong uptrend above the $0.0300 level and the 55 SMA. Having said that, it could correct a few points, but dips are likely to remain bid near $0.0340 or $0.0315.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is showing many positive signs in the bullish zone.
4 hours RSI – The RSI for TRX/USD is currently in the overbought zone.
Key Support Levels – $0.0350 and $0.0320.
Key Resistance Levels – $0.0385, $0.0400 and $0.0500.
