- Tron price started a decent increase above the $0.0240 and $0.0250 levels against the US Dollar.
- TRX price traded as high as $0.0268 before it corrected lower towards the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.0252 on the 4-hours chart (data feed via Bitfinex).
- The pair is likely to start a fresh increase as long as it is above $0.0250 and $0.0245.
TRON price is currently correcting gains from well above $0.0265 against the US Dollar, similar to bitcoin. TRX price could rise again unless there is a clear break below $0.0245.
Tron Price Analysis
TRON price formed a strong support base near the $0.0245 and started a steady increase against the US Dollar. TRX price gained pace above the $0.0250 resistance and settled well above the 55 simple moving average (4-hours).
The price even broke the $0.0260 resistance zone. A high was formed near $0.0268 before the price started a downside correction. There was a break below the $0.0260 and $0.0258 levels. The price even traded below the 61.8% Fib retracement level of the upward wave from the $0.0249 low to $0.0268 high.
However, the price is finding a strong support near the $0.0252 level and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.0252 on the 4-hours chart.
The next major support is near the $0.0245 level. It is close to the 1.236 Fib extension level of the upward wave from the $0.0249 low to $0.0268 high. Any further losses may perhaps call for an extended decline towards the $0.0232 support zone.
Conversely, the price might resume its upward move towards the $0.0258 and $0.0260 levels. The next major resistance is near the $0.0265 level, above which the price might rise towards the $0.0272 level. Any further gains could lead the price towards the $0.0285 level.
The chart indicates that TRX price clearly preparing for the next move with a major support near $0.0250. Overall, the price is likely to start a fresh increase as long as it is above $0.0250 and $0.0245.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is losing pace in the bearish zone.
4 hours RSI – The RSI for TRX/USD is declining and it is close to the 50 level.
Key Support Levels – $0.0250 and $0.0245.
Key Resistance Levels – $0.0258, $0.0260 and $0.0265.
