- Tron price regained strength and recently traded above the key $0.0358 resistance against the US Dollar.
- TRX price is now trading above the $0.0380 level and it may soon test the $0.0400 level.
- There is a rising channel in place with support near $0.0385 on the 4-hours chart (data feed via Bitfinex).
- The price is likely to gain momentum towards the $0.0420 and $0.0440 levels in the near term.
Tron Price Analysis
This past week, there was an important break in TRON price above the $0.0340 resistance against the US Dollar. The TRX/USD pair gained strength and traded above the $0.0350 resistance plus the 55 simple moving average (4-hours). The upward move was such that the price even broke the $0.0362 and $0.0370 levels. The price is now trading well above the $0.0380 level and the $0.0390 pivot level.
An initial support is near the $0.0392 level. It represents the 23.6% Fibonacci retracement level of the last wave from the $0.0362 low $0.0402 high. Moreover, there is a rising channel in place with support near $0.0385 on the 4-hours chart. The channel support coincides with the 50% Fibonacci retracement level of the last wave from the $0.0362 low $0.0402 high.
If there is a downside break below the channel support, the price could slide towards the $0.0340 support. There is also a crucial trend line placed near the $0.0350 level and the 55 simple moving average (4-hours). Besides, the 1.236 Fib extension level of the last wave from the $0.0362 low $0.0402 high is also near the $0.0352 to provide support.
On the upside, an immediate resistance is near the $0.0400 level. The current structure suggests that the price is likely to surpass the $0.0405 and $0.0410 levels. The next stop in the mentioned case could be near the $0.0420 level. Any further gains would call for a push towards the $0.0440 level.
The chart indicates that TRX price is trading with a positive bias above the $0.0380 support area. As long as the price is following the rising channel, it could climb above $0.0400 and $0.0405. Finally, a successful close above the $0.0408 level might set the pace for a push towards the $0.0420 and $0.0440 levels.
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 currently near the 70 level, with a bullish angle.
Key Support Levels – $0.0385 and $0.0355.
Key Resistance Levels – $0.0400, $0.0408 and $0.0420.