HomeAltcoin NewsTron (TRX) Price Analysis: Rally Isn’t Over Yet, $0.020 Next?

Tron (TRX) Price Analysis: Rally Isn’t Over Yet, $0.020 Next?

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  • Tron price is trading in a bullish zone above the $0.0160 support area against the US Dollar.
  • TRX price recently tested the $0.0180 resistance area before correcting lower.
  • There is a major bullish trend line forming with support near $0.0160 on the 4-hours chart (data feed via Bitfinex).
  • The current price action is positive, suggesting more upsides above $0.0170 in the near term.

TRON price is showing a lot of positive signs against the US Dollar, similar to bitcoin. TRX price is likely to continue higher above the $0.0170 and $0.0180 levels in the near term.

Tron Price Analysis

In the past few days, TRON price followed a nice bullish path above the $0.0150 resistance area against the US Dollar. TRX price surpassed the key $0.0165 and $0.0170 resistance levels to move into a positive zone.

Moreover, there was a close above the $0.0160 level and the 55 simple moving average (4-hours). Finally, the price climbed above the $0.0175 level and traded to a new 2020 high at $0.0182.

Recently, there was a downside correction below the $0.0170 support level. Tron price traded below the 23.6% Fibonacci retracement level of the upward leg from the $0.0136 low to $0.0182 high.

However, the decline was protected by the $0.0160 support area and the 55 simple moving average (4-hours). More importantly, there is a major bullish trend line forming with support near $0.0160 on the 4-hours chart.

The pair also remained well bid above the 50% Fibonacci retracement level of the upward leg from the $0.0136 low to $0.0182 high. If there is a downside break below the trend line and the $0.0160 support, the price could extend its decline.

The next major support is near the $0.0150 level or the 76.4% Fibonacci retracement level of the upward leg from the $0.0136 low to $0.0182 high. Any further losses may perhaps push the price towards the $0.0132 support area.

On the upside, the $0.0170 level is an initial resistance for the bulls. If there is a clear break above the $0.0170 barrier, the price is likely to rise towards the $0.0180 and $0.0182 resistance levels. The next key hurdle is near $0.0195.

Tron Price
Tron Price

The chart indicates that TRX price is showing a lot of positive signs and it could continue to rise towards $0.0182 or even $0.0195 unless the bears push the price below $0.0160.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is losing momentum in the bearish zone.

4 hours RSI – The RSI for TRX/USD is currently just below the 50 level.

Key Support Levels – $0.0162 and $0.0162.

Key Resistance Levels – $0.0170, $0.0180 and $0.0182.

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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