HomeAltcoin NewsTron (TRX) Price Analysis: Dips Remain Attractive To The Bulls

Tron (TRX) Price Analysis: Dips Remain Attractive To The Bulls

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  • Tron price rallied further above the $0.0180 resistance zone against the US Dollar.
  • TRX price traded as high as $0.0186 and it is currently correcting lower.
  • There is a major bullish trend line forming with support near $0.0173 on the 4-hours chart (data feed via Bitfinex).
  • The pair is likely to remain well bid above the $0.0172 and $0.0170 support levels.

TRON price is trading in a strong uptrend above $0.0170 against the US Dollar, similar to bitcoin. TRX price is likely start a fresh increase as long as it is above $0.0170.

Tron Price Analysis

In the past few days, TRON price gained bullish momentum above the $0.0170 resistance level against the US Dollar. TRX price even settled nicely above the $0.0170 level and the 55 simple moving average (4-hours).

The upward move was such that the price broke the $0.0180 level and it traded to a new monthly high at $0.0186. It is currently correcting lower and trading below the $0.0180 level.

There was a break below the 23.6% Fibonacci retracement level of the upward move from the $0.0164 low to $0.0186 high. On the downside, there are many supports visible near the $0.0174 and $0.0172 levels.

An immediate support is near the $0.0175 level or the 50% Fibonacci retracement level of the upward move from the $0.0164 low to $0.0186 high. There is also a major bullish trend line forming with support near $0.0173 on the 4-hours chart.

If tron price breaks the trend line support, it could find support near the $0.0170 level or the 55 simple moving average (4-hours). Any further losses could start a major decline towards the $0.0160 and $0.0155 support levels in the near term.

Conversely, the price may perhaps start a fresh increase from the trend line support or $0.0170. An initial hurdle on the upside is near the $0.0180 level. If the bulls gain strength above the $0.0180 resistance, there are high chances of a sustained upward move towards the $0.0185 and $0.0188 levels.

Tron Price
Tron Price

The chart indicates that TRX price is clearly trading in a positive zone above the $0.0172 and $0.0170 support levels. As long as there is no clear break below the $0.0170 support, the price is likely to resume its upward move above $0.0180.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is now close to the 50 level.

Key Support Levels – $0.0172 and $0.0170.

Key Resistance Levels – $0.0180, $0.0185 and $0.0200.

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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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