HomeAltcoin NewsTron (TRX) Price Analysis: Primed For More Upsides To $0.018

Tron (TRX) Price Analysis: Primed For More Upsides To $0.018

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  • Tron price is gaining momentum and it recently climbed above $0.0150 against the US Dollar.
  • TRX price is currently testing the $0.0165 resistance and it could rise further in the near term.
  • There is a crucial bullish trend line forming with support near $0.0150 on the 4-hours chart (data feed via Bitfinex).
  • The price could surge towards $0.0180 or $0.0185 once it surpasses the $0.0165 resistance area.

TRON price is showing positive signs against the US Dollar and bitcoin. TRX price is likely to continue higher and it might soon test the $0.0180 resistance area.

Tron Price Analysis

This past week, TRON price formed a decent support base near the $0.0140 level against the US Dollar. As a result, TRX price started a fresh increase above the $0.0145 and $0.0150 resistance levels. Moreover, there was a close above the $0.0150 level and the 55 simple moving average (4-hours). It opened the doors for more gains and the price climbed above the $0.0160 resistance.

Finally, the price tested the $0.0165 resistance and it is currently consolidating gains. An immediate support is near the $0.0161 level. It coincides with the 23.6% Fibonacci retracement level of the recent wave from the $0.0144 low to $0.0166 high. However, the main support on the downside is near the $0.0155 level. It represents the 50% Fibonacci retracement level of the recent wave from the $0.0144 low to $0.0166 high.

Moreover, there is a crucial bullish trend line forming with support near $0.0150 on the 4-hours chart. The trend line support also coincides with the 55 simple moving average (4-hours) near $0.0145. Therefore, dips towards the $0.0155 and $0.0150 levels might find a strong buying interest in the near term.

On the upside, there is a crucial resistance forming near the $0.0165 and $0.0166 levels. If there is a successful break above the $0.0166 resistance, the price is likely to accelerate higher. The next stop for the bulls could be near the $0.0180 level. However, the main resistance is near the $0.0185 level (the previous swing high).

Tron Price Analysis TRX Chart

The chart indicates that TRX price is trading nicely in a bullish zone above the $0.0155 support area. Once the bulls clear the $0.0166 resistance area, there are chances of more upsides towards the $0.0180 and $0.0185 levels. Conversely, if there is a downside correction, the $0.0155 and $0.0150 levels are likely to stop the decline.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is showing positive signs in to bullish zone.

4 hours RSI – The RSI for TRX/USD is currently correcting lower from the overbought levels.

Key Support Levels – $0.0155 and $0.0150.

Key Resistance Levels – $0.0166, $0.0180 and $0.0185.

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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