- 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.
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.
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.