- Tron price is facing a couple of key hurdles near the $0.0150 and $0.0154 levels against the US Dollar.
- TRX price could start a fresh rally if it breaks the $0.0154 resistance zone in the near term.
- There is a major contracting triangle forming with resistance near $0.0150 on the 4-hours chart (data feed via Bitfinex).
- The price might decline steadily as long as it is below the $0.0154 resistance zone.
TRON price is struggling to gain bullish momentum against the US Dollar, similar to bitcoin. TRX price must surpass the $0.0154 barrier to start a solid upward move.
Tron Price Analysis
In the past few days, TRON price made many attempts to surpass the $0.0154 and $0.0155 resistance levels against the US Dollar. However, TRX price failed to accelerate higher and declined below the $0.0150 level.
There was also a close below the $0.0150 level and the 55 simple moving average (4-hours). The price traded as low as $0.0141 and it is currently correcting higher. It is trading above the 23.6% Fibonacci retracement level of the recent decline from the $0.0156 high to $0.0141 low.
On the upside, an initial resistance is near the $0.01486. It is close to the 50% Fibonacci retracement level of the recent decline from the $0.0156 high to $0.0141 low.
There is also a major contracting triangle forming with resistance near $0.0150 on the 4-hours chart. The main resistance is still near the $0.0154 and $0.0155 levels. A successful break above the $0.0155 level is needed for upside continuation in the near term.
In the mentioned case, the price is likely to accelerate higher towards the $0.0160 and $0.0170 levels. An intermediate resistance on the upside could be near the $0.0165 level.
Conversely, there is a risk of a bearish break below the $0.0140 support zone. The next major support is near the $0.0135 level, below which there are high chances of a sustained downward move towards the $0.0130 and $0.0128 levels.
The chart indicates that TRX price is clearly trading below a couple of major hurdles at $0.0155. If there is an upside break above the $0.0155 level, the price could continue higher. If not, there are chances of a strong decline towards the $0.0130 level.
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 currently retreating from the 50 level.
Key Support Levels – $0.0142 and $0.0140.
Key Resistance Levels – $0.0150, $0.0154 and $0.0155.
