- Tron price is showing positive signs above the $0.0450 and $0.0420 support levels against the US Dollar.
- TRX price is now facing hurdles near $0.0480, but it is well above the 55 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $0.0480 on the 4-hours chart (data feed via Bitfinex).
- The pair could start a strong increase if it clears the $0.0480 resistance zone in the near term.
TRON price is showing signs of more gains above $0.0480 against the US Dollar, while bitcoin is consolidating. TRX price could stage a strong rally above $0.0480 and $0.0500.
Tron Price Analysis
In the past few days, there was a sharp increase in TRON price above the $0.0350 and $0.0400 resistance levels against the US Dollar. TRX price even surged above the $0.0480 resistance and settled above the 55 simple moving average (4-hours).
It traded as high as $0.0508 before correcting lower. There was a break below the 23.6% Fib retracement level of the upward move from the $0.0342 swing low to $0.0508 high.
There is also a key contracting triangle forming with resistance near $0.0480 on the 4-hours chart. If there is a downside break below the triangle support, the pair could decline towards the $0.0450 support level.
The next major support is near the $0.0425 level. It is close to the 50% Fib retracement level of the upward move from the $0.0342 swing low to $0.0508 high. Any more losses may perhaps derail the current trend and the price might slide towards the $0.0400 support.
Conversely, the price might clear the triangle resistance at $0.0480 to start a fresh increase. The next major resistance is near the $0.0500 level, above which it could test the $0.0542 level. Any more gains could open the doors for a steady increase towards the $0.0580 and $0.0600 levels. The next major barrier for the bulls might be at $0.0720.
The chart indicates that TRX price is clearly facing a strong resistance near the $0.0480 and $0.0500 levels. Overall, the price could start a strong increase if it clears the $0.0480 resistance zone in the near term.
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 now correcting lower from the 80 level.
Key Support Levels – $0.0450 and $0.0420.
Key Resistance Levels – $0.0480, $0.0500 and $0.0550.
