HomeAltcoin NewsTron (TRX) Price Analysis: High Chances of Bullish Break above $0.012

Tron (TRX) Price Analysis: High Chances of Bullish Break above $0.012

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  • Tron price is currently facing a strong resistance near the $0.0118 and $0.0120 levels against the US Dollar.
  • TRX price is likely to remain well bid above the $0.0110 support area.
  • There is a key contracting triangle with resistance near $0.0118 on the 4-hours chart (data feed via Bitfinex).
  • The price could dip a few points, but it is likely to find support near the $0.0110 area.

TRON price is trading in a crucial range with positive signs against the US Dollar, similar to bitcoin. TRX price could start a strong upward move if it clears the $0.0120 resistance.

Tron Price Analysis

This past week, TRON price made another attempt to clear the $0.0120 and $0.0121 resistance levels against the US Dollar. However, TRX price failed to gain traction and it declined below $0.0118.

There was a break below the $0.0115 level and the 55 simple moving average (4-hours). The price traded as low as $0.0106 and it recently corrected higher. It broke the $0.0112 and $0.0114 levels.

Besides, there was a break above the 50% Fibonacci retracement level of the downward move from the $0.0121 high to $0.0106 low. However, the price seems to be facing a strong barrier near the $0.0118 level.

It seems like the 76.4% Fibonacci retracement level of the downward move from the $0.0121 high to $0.0106 low is now acting as a key hurdle. There is also a key contracting triangle with resistance near $0.0118 on the 4-hours chart.

Therefore, the price must break the $0.0118 and $0.0120 resistance levels to start a strong upward move. An immediate resistance is near the $0.0122 level, above which tron price is likely to rise towards the $0.0140 level in the near term.

Conversely, the price might fail to rise above the $0.0118 and $0.0120 resistance levels. In the mentioned bearish case, the price might decline towards the $0.0112 support and the 55 SMA.

The main support is now near the $0.0110 and the triangle lower trend line. A convincing break below $0.0110 might start a strong decline towards the $0.0090 level.

Tron Price
Tron Price

The chart indicates that TRX price is clearly trading in a range below $0.0120 and preparing for the next key break. It could dip a few points, but it is likely to find support near the $0.0110 area.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is declining and it is approaching the 50 level.

Key Support Levels – $0.0112 and $0.0110.

Key Resistance Levels – $0.0118, $0.0120 and $0.0135.

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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