- 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.
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.