- Tron price is consolidating in a range above the $0.0480 support against the US Dollar.
- TRX price is now trading above the $0.0500 support and the 55 simple moving average (4-hours).
- There was a break above a connecting bearish trend line at $0.0510 on the 4-hours chart (data feed via Bitfinex).
- The pair could start a fresh rally if it clears the $0.0545 and $0.0550 resistance levels in the near term.
TRON price is trading in a range above $0.0480 against the US Dollar, while bitcoin is correcting gains. TRX price must settle above $0.0550 to start a steady increase in the near term.
Tron Price Analysis
After a drop towards the $0.0420 support, tron price started a fresh increase against the US Dollar. TRX price broke the $0.0450 and $0.0465 resistance levels.
Recently, the price formed a strong support base above the $0.0480 level. It is now rising and trading well above the $0.0480 support level. There was a break above the $0.0488 and $0.0492 resistance levels.
The price climbed above the 50% Fib retracement level of the downward move from the $0.0542 high to $0.0483 low. There was also a break above a connecting bearish trend line at $0.0510 on the 4-hours chart. Tron is now trading above the $0.0500 support and the 55 simple moving average (4-hours).
It is facing resistance near the $0.0528 level. It is close to the 76.4% Fib retracement level of the downward move from the $0.0542 high to $0.0483 low.
The main resistance is still near the $0.0545 and $0.0550 levels. A proper close above the $0.0550 resistance could open the doors for a larger increase. In the stated case, the price could rally towards the $0.0600 level. Conversely, there could be a fresh decline from $0.0545.
An initial support is near the $0.0500 level and the 55 simple moving average (4-hours). The main support is still near the $0.0480 level. Any more losses might call for a sharp decline towards $0.0432 or even $0.0420.
The chart indicates that TRX price is clearly trading above the $0.0500 support and the 55 simple moving average (4-hours). Overall, the price could start a fresh rally if it clears the $0.0545 and $0.0550 resistance levels in the near term.
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 well above the 50 level.
Key Support Levels – $0.0500 and $0.0480.
Key Resistance Levels – $0.0528, $0.0550 and $0.0600.
