- Tron price rallied towards the $0.0680 zone before correcting lower against the US Dollar.
- TRX price is now trading above the $0.0575 support and the 55 simple moving average (4-hours).
- There is a major contracting triangle forming with support near $0.0580 on the 4-hours chart (data feed via Bitfinex).
- The pair could start a fresh rally if it clears the $0.0620 and $0.0630 resistance levels in the near term.
TRON price is trading in a positive zone above $0.0550 against the US Dollar, while bitcoin is correcting gains. TRX price must remain above $0.0550 to start a fresh increase in the near term.
Tron Price Analysis
After clearing the $0.0550 resistance zone, tron price started a fresh increase against the US Dollar. TRX price broke the $0.0575 and $0.0600 resistance levels.
The price even broke the $0.0650 resistance level and settled well above the 55 simple moving average (4-hours). However, the price struggled to gain momentum above the $0.0680 level. The recent swing high was near $0.0663 before the price started a fresh decline.
There was a break below the $0.0650 and $0.0620 support levels. The price is now trading above the $0.0575 support and the 55 simple moving average (4-hours). There is also a major contracting triangle forming with support near $0.0580 on the 4-hours chart.
An initial resistance on the upside is near the $0.0620 level. It is close to the 50% Fib retracement level of the downward move from the $0.0663 high to $0.0575 low.
The first major resistance is near the triangle trend line or $0.0630. The 61.8% Fib retracement level of the downward move from the $0.0663 high to $0.0575 low is also near $0.0630. A clear break above the $0.0620 and $0.0630 resistance levels could open the doors for a fresh increase.
Conversely, there could be a fresh decline below the $0.0575 support. The next major support is near the $0.0550 zone. Any more losses might call for a sharp decline towards $0.0500.
The chart indicates that TRX price is clearly trading above the $0.0575 support and the 55 simple moving average (4-hours). Overall, the price could start a fresh rally if it clears the $0.0620 and $0.0630 resistance levels in the near term.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is just above the 50 level.
Key Support Levels – $0.0575 and $0.0550.
Key Resistance Levels – $0.0620, $0.0630 and $0.0650.
