HomeAltcoin NewsTron (TRX) Price Analysis: Strong Surge Likely Above $0.02

Tron (TRX) Price Analysis: Strong Surge Likely Above $0.02

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  • Tron price is trading in a positive zone above the $0.0180 support zone against the US Dollar.
  • TRX price is currently facing hurdles near $0.0190, but it is well above the 55 simple moving average (4-hours).
  • There is a crucial contracting triangle forming with resistance near $0.0187 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a strong upward move if it breaks the $0.0187 and $0.0190 resistance levels.

TRON price is following a bullish path above $0.0180 against the US Dollar, while bitcoin rallied 10%. TRX price could also rally if it breaks the $0.0190 resistance.

Tron Price Analysis

In the past few days, there was a steady increase in TRON price above the $0.0170 level against the US Dollar. TRX price even broke the $0.0180 resistance level and settled above the 55 simple moving average (4-hours).

Finally, there was a break above the $0.0190 level, but the price struggled to gain bullish momentum. A high was formed near $0.0193 before the price started a downside correction. It tested the $0.0180 support and it is currently back above $0.0185.

There was a break above the 50% Fibonacci retracement level of the recent decline from the $0.0193 high to $0.0176 swing low. Moreover, there is a crucial contracting triangle forming with resistance near $0.0187 on the 4-hours chart.

The triangle resistance is also near the 76.4% Fibonacci retracement level of the recent decline from the $0.0193 high to $0.0176 swing low. A clear break above the $0.0187 and $0.0188 levels could open the doors for a fresh increase.

The main resistance is near the $0.0190 level, above which the bulls are likely to aim a stronger rally above the $0.0195 and $0.0200 levels.

Conversely, the price might fail to clear $0.0190 or $0.0195. In the stated bearish case, the price could start a fresh decline below the $0.0180 support. The next major support is near the $0.0175 level, below which the price could revisit the $0.0164 support zone.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is clearly approaching the next major break with a key hurdle near $0.0190. It seems like the price could start a strong upward move if it breaks the $0.0190 and $0.0195 resistance levels.

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 now moving nicely above the 50 level.

Key Support Levels – $0.0180 and $0.0175.

Key Resistance Levels – $0.0187, $0.0190 and $0.0195.

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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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