- Tron price is forming a base above the $0.1000 zone against the US Dollar.
- TRX price is now trading above $0.1000 and the 55 simple moving average (4-hours).
- There is a connecting bullish trend line forming with support near $0.0995 on the 4-hours chart (data feed via Bitfinex).
- The pair could start a major increase if there is a clear break above the $0.1050 resistance.
TRON price remained well bid above $0.0980 against the US Dollar, similar to bitcoin. TRX price is rising, but it must clear $0.1050 for more upsides.
Tron Price Analysis
After a close above $0.1000, tron price made another attempt to clear $0.1050 level against the US Dollar. TRX price failed to clear the $0.1050 resistance and corrected lower.
A high was formed $0.1057 before the price dipped below $0.1040. The price declined below the 50% Fib retracement level of the upward move from the $0.0977 swing low to $0.1057 high. The price is now trading above the $0.1000 support level and the 55 simple moving average (4-hours).
On the downside, an initial support is near the $0.1000 level. The first major support is now forming near $0.0995. There is also a connecting bullish trend line forming with support near $0.0995 on the 4-hours chart.
The trend line is close to the 61.8% Fib retracement level of the upward move from the $0.0977 swing low to $0.1057 high. Any more losses might call for a decline towards the $0.0970 level. The next major support is near the $0.0920 level in the near term.
On the upside, an initial resistance is near the $0.1035 level. The first major resistance is near the $0.1050 level. A close above $0.1050 and $0.1055 is must for a fresh increase.
In the stated case, the price could rise towards the $0.1120 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.1200 level.
The chart indicates that TRX price is now trading above $0.1000 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $0.1050 resistance.
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 now above the 50 level.
Key Support Levels – $0.1000 and $0.0970.
Key Resistance Levels – $0.1035, $0.1050 and $0.1120.
