- Tron price is trading in a strong uptrend above the $0.0135 support against the US Dollar.
- TRX price is likely to continue higher above the $0.0145 and $0.0150 resistance levels.
- There is a major bullish trend line forming with support near $0.0140 on the 4-hours chart (data feed via Bitfinex).
- The price could correct a few points, but it is likely to break the $0.0150 resistance level.
TRON price is gaining bullish momentum above key levels against the US Dollar, similar to bitcoin. TRX price is likely to continue higher above $0.0150 as long as it is above $0.0135.
Tron Price Analysis
In the past few days, TRON price gained bullish momentum above the $0.0120 level against the US Dollar. TRX price broke the key $0.0135 resistance level to move further into a positive zone.
The upward move was such that the price broke the $0.0140 level and settled nicely above the 55 simple moving average (4-hours). The price traded to a new monthly high at $0.0146 and it is currently consolidating gains.
It is testing the 23.3% Fibonacci retracement level of the recent rise from the $0.0134 low to $0.0146 high. On the downside, the first major support is near the $0.0142 level (the recent breakout zone).
There is also a major bullish trend line forming with support near $0.0140 on the 4-hours chart. The trend line is close to the 50% Fibonacci retracement level of the recent rise from the $0.0134 low to $0.0146 high.
If tron price fails to stay above the $0.0142 and $0.0140 support levels, it could correct further lower. The next major support is seen near the $0.0135 level. The 55 simple moving average (4-hours) is also near the $0.0135 level to act as a key support.
Any further losses may perhaps push the price into a bearish zone towards $0.0120. Conversely, the price could continue higher above the $0.0145 and $0.0146 levels.
The first major resistance is near the $0.0150 level, above which the bulls are likely to aim a test of the $0.0160 and $0.0162 levels in the near term.
The chart indicates that TRX price is clearly following a strong uptrend above the $0.0135 support. Therefore, there are chances of a sustained upward move towards the $0.0160 level unless it breaks the $0.0135 support.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is currently moving nicely in the bullish zone.
4 hours RSI – The RSI for TRX/USD is currently well above the 50 level.
Key Support Levels – $0.0140 and $0.0135.
Key Resistance Levels – $0.0145, $0.0150 and $0.0160.
