HomeAltcoin NewsTron (TRX) Price Analysis: Dips Remain Attractive In Near Term

Tron (TRX) Price Analysis: Dips Remain Attractive In Near Term

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  • Tron price started a fresh increase from the $0.0158 and $0.0160 support levels against the US Dollar.
  • TRX price is now trading nicely above the $0.0165 resistance level.
  • There was a break above a key bearish trend line with resistance near $0.0168 on the 4-hours chart (data feed via Bitfinex).
  • The bulls seem to be in control and they are likely eyeing a break towards the $0.0200 resistance.

TRON price is trading in a decent uptrend above $0.0160 against the US Dollar, similar to bitcoin. TRX price could continue to rise towards $0.0200 and $0.0212 in the near term.

Tron Price Analysis

This past week, TRON price corrected lower from the $0.0182 resistance area against the US Dollar. TRX price declined below the $0.0175 and $0.0165 support levels.

However, the price found support near the $0.0158 area. A swing low was formed near $0.0156 and the price recently started a fresh increase. It broke the $0.0162 resistance area and the 55 simple moving average (4-hours).

Moreover, there was a break above a key bearish trend line with resistance near $0.0168 on the 4-hours chart. The pair climbed towards the key $0.0175 resistance area. The recent high was near $0.0175 and the price is currently consolidating.

An initial support is near the $0.0170 level. It coincides with the 23.6% Fibonacci retracement level of the upward move from the $0.0156 low to $0.0175 high.

The first major support is near the $0.0166 level and the 55 simple moving average (4-hours). Besides, the 50% Fibonacci retracement level of the upward move from the $0.0156 low to $0.0175 high is also near $0.0166.

If there is a downside break below the $0.0166 and $0.0165 levels, the price could continue to move down. In the mentioned case, it is likely to revisit $0.0158.

On the upside, the $0.0175 level is an initial resistance for the bulls. If bulls push the price above the $0.0175 level, the next major hurdle is near the $0.0180 and $0.0182 resistance levels. Any further gains could lead the price towards the main $0.0200 resistance area.

Tron Price
Tron Price

The chart indicates that TRX price is slowly gaining pace above the $0.0165 and $0.0170 levels. However, the bulls need to clear the $0.0175 and $0.0180 resistance levels to push the price towards the $0.0200 milestone level.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.

4 hours RSI – The RSI for TRX/USD is currently just above the 60 level.

Key Support Levels – $0.0166 and $0.0162.

Key Resistance Levels – $0.0175, $0.0180 and $0.0182.

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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