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HomeAltcoin NewsTron (TRX) Price Analysis: Key Breakout Zone Near $0.025

Tron (TRX) Price Analysis: Key Breakout Zone Near $0.025

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  • Tron price started a fresh decline from the $0.0270 resistance zone against the US Dollar.
  • TRX price is currently recovering above the $0.0240, but it is well below the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance at $0.0250 on the 4-hours chart (data feed via Bitfinex).
  • The pair is likely to start a fresh increase if there is a clear break above the $0.0250 resistance zone.

TRON price is currently recovering from $0.0230 against the US Dollar, while bitcoin surged above $13,800. TRX price must clear $0.0250 to start a strong rally.

Tron Price Analysis

TRON price started a strong decline from the $0.0270 resistance zone against the US Dollar. TRX price declined below the $0.0250 support and it even settled below the 55 simple moving average (4-hours).

The decline was such that the price tested the $0.0230 level. A low is formed near $0.0230 and the price is currently correcting higher. There was a break above the $0.0240 resistance level, and the price traded above the 23.6% Fib retracement level of the downward move from the $0.0267 swing high to $0.0230 low.

However, the price is facing a strong resistance near the $0.0245 and $0.0250 levels. There is also a key bearish trend line forming with resistance at $0.0250 on the 4-hours chart.

The trend line coincides with the 50% Fib retracement level of the downward move from the $0.0267 swing high to $0.0230 low. A successful break above the trend line resistance and $0.0250 could open the doors for a decent increase towards the 55 simple moving average (4-hours).

The next major resistance is near the $0.0270 level, above which the price could rise towards the $0.0285 level. Conversely, the price might resume its decline below the $0.0240 support zone.

The first major support is near the $0.0230 level, below which the bears are likely to aim a larger decline. In the stated case, the price could even decline towards the $0.0212 and $0.0210 support levels.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price clearly facing a strong hurdle near the $0.0250 level. Overall, the price is likely to start a fresh increase if there is a clear break above the $0.0250 resistance zone.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is struggling to gain pace in the bullish zone.

4 hours RSI – The RSI for TRX/USD is just below the 50 level, with a bearish angle.

Key Support Levels – $0.0240 and $0.0230.

Key Resistance Levels – $0.0250, $0.0265 and $0.0270.

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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