HomeAltcoin NewsTron (TRX) Price Analysis: This Resistance Zone Holds Key For Next Move

Tron (TRX) Price Analysis: This Resistance Zone Holds Key For Next Move

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  • 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.

Tron Price
Tron Price

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.

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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