HomeAltcoin NewsTron (TRX) Price Analysis: Bulls Eyeing Next Bullish Break

Tron (TRX) Price Analysis: Bulls Eyeing Next Bullish Break

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  • Tron price jumped above $0.0200 and traded to a new 2020 high at $0.0237 against the US Dollar.
  • TRX price is currently correcting lower and trading nicely above the $0.0205 support area.
  • There is a major contracting triangle forming with resistance near $0.0220 on the 4-hours chart (data feed via Bitfinex).
  • The bulls are likely to aim a fresh upside break above the $0.0220 and $0.0230 resistance levels.

TRON price is trading in a strong uptrend against the US Dollar, similar to bitcoin. TRX price is likely to climb again as long as it is above the $0.0200 support area.

Tron Price Analysis

In the past few days, there was a strong upward move in TRON price above the $0.0180 resistance level against the US Dollar. TRX price even climbed above the $0.0200 resistance and the 55 simple moving average (4-hours).

The bulls gained strength and the price climbed above the $0.0220 level. A new yearly high is formed near $0.0237 and the price is currently correcting lower.

There was a break below the $0.0220 level, but the bulls defended the $0.0205 support area. A swing low is formed near $0.0203 and the price is currently rising. It broke the 50% Fibonacci retracement level of the recent correction from the $0.0237 high to $0.0203 low.

However, the price seems to be facing a strong resistance near the $0.0225. Besides, the 61.8% Fibonacci retracement level of the recent correction from the $0.0237 high to $0.0203 low is acting as a hurdle.

At the outset, there is a major contracting triangle forming with resistance near $0.0220 on the 4-hours chart. If there is an upside break above the $0.0220 and $0.0225 resistance levels, the price is likely to resume its upward move.

The next resistance is seen near the $0.0235 level. A clear break above the $0.0235 level might set the pace for a run towards the $0.0250 and $0.0265 levels.

If there is a downside break below the triangle support, the price could revisit the $0.0205 support level. Any further losses may perhaps lead the price towards the $0.0200 support level.

Tron Price
Tron Price

The chart indicates that TRX price is clearly trading above a couple of important support above the $0.0205 and $0.0200 levels. A clear break above the $0.0225 might open the doors for a larger upward move in the coming sessions.

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 currently just above the 50 level.

Key Support Levels – $0.0205 and $0.0200.

Key Resistance Levels – $0.0225, $0.0230 and $0.0250.

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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