- Tron price started a recovery wave above $0.0800 against the US Dollar.
- TRX price is now trading below $0.0900 and near the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $0.0900 on the 4-hours chart (data feed via Bitfinex).
- The pair could start a major increase if there is a clear break above the $0.0950 resistance.
TRON price started a recovery wave from $0.0800 against the US Dollar, similar to bitcoin. TRX price is recovering, but it must clear $0.0950 for more gains.
Tron Price Analysis
After facing resistance, tron price started a fresh decline below the $0.0900 level against the US Dollar. TRX price even broke the $0.0800 support level to enter a bearish zone.
A low was formed near $0.0730 and the price started a recovery wave. There was a break above the $0.0820 level. The price even climbed above the $0.0900 level and the 55 simple moving average (4-hours). However, the price failed to gain strength for a move above the $0.0935.
A high was formed near $0.0933 and the price is now declining. It broke the $0.0900 level and the 55 simple moving average (4-hours). There was a break below the 23.6% Fib retracement level of the upward move from the $0.0727 swing low to $0.0933 high.
On the downside, an initial support is near the $0.0830 level. It is near the 50% Fib retracement level of the upward move from the $0.0727 swing low to $0.0933 high.
The first major support is now forming near $0.0800. The next major is near the $0.0780 level. Any more losses might call for a sharp decline towards the $0.0720 level. An immediate resistance on the upside is near the $0.0900 level and the 55 simple moving average (4-hours).
There is also a key bearish trend line forming with resistance near $0.0900 on the 4-hours chart. A close above $0.0900 is must for a fresh increase. In the stated case, the price could rise towards the $0.0950 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.1050 level.
The chart indicates that TRX price is now trading below $0.0900 and near the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $0.0950 resistance.
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 just below the 50 level.
Key Support Levels – $0.0820 and $0.0800.
Key Resistance Levels – $0.0900, $0.0950 and $0.1000.
