- Tron price started a fresh rally from the $0.0800 support zone against the US Dollar.
- TRX price is now trading above the $0.1000 support and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.1050 on the 4-hours chart (data feed via Bitfinex).
- The pair is likely to resume higher if it clears the $0.1300 and $0.1420 resistance levels in the near term.
TRON price is trading in a positive zone above $0.1000 against the US Dollar, similar to bitcoin. TRX price is likely to start a fresh increase as long as it is above $0.1000.
Tron Price Analysis
In the past few days, there was a sharp rise in tron price above the $0.0800 and $0.1000 resistance levels against the US Dollar. TRX price broke many hurdles near $0.1050 to move further into a bullish zone.
A high was formed near $0.1493 and the price settled well above the 55 simple moving average (4-hours). Recently, there was a downside correction below the $0.1400 and $0.1300 support levels. The price even declined below the 23.6% Fib retracement level of the upward move from the $0.0827 low to $0.1493 high.
However, the price remained stable above the $0.1150 support zone. The 50% Fib retracement level of the upward move from the $0.0827 low to $0.1493 high is also acting as a support.
Moreover, there is a key bullish trend line forming with support near $0.1050 on the 4-hours chart. Therefore, the pair is likely to remain well bid above the $0.1050 and $0.1000 support levels. Any more losses might call for a sharp drop to $0.0800.
On the upside, the $0.1300 and $0.1320 levels are key hurdles. A clear break above the $0.1320 level may possibly open the doors for a move towards the $0.1500 level. Any more gains might call for a steady increase towards the $0.1800 resistance it the coming days.
The chart indicates that TRX price is clearly trading above the $0.1000 support and the 55 simple moving average (4-hours). Overall, the price is likely to resume higher if it clears the $0.1300 and $0.1420 resistance levels in the near term.
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 well above the 50 level.
Key Support Levels – $0.1100 and $0.1050.
Key Resistance Levels – $0.1300, $0.1320 and $0.1500.
