- Tron price started a steady increase from $0.0240 and climbed towards $0.0280 against the US Dollar.
- TRX price is now trading well above the $0.0260 support and the 55 simple moving average (4-hours).
- There is a rising channel forming with support near $0.0263 on the 4-hours chart (data feed via Bitfinex).
- The pair is likely to continue higher if it clears the $0.0275 and $0.0280 resistance levels.
TRON price is currently trading in a positive zone above $0.0260 against the US Dollar, similar to bitcoin. TRX price could revisit $0.0300 as long as it is above $0.0245.
Tron Price Analysis
TRON price started a decent increase from the $0.0240 support zone against the US Dollar. However, TRX price broke the $0.0260 and $0.0265 resistance levels to move into a positive zone.
The price even surpassed the $0.0275 level and settled well above the 55 simple moving average (4-hours). The recent high was formed near $0.0278 before the price started a downside correction. It traded below the $0.0270 level.
There was also a break below the 50% Fib retracement level of the upward move from the $0.0240 swing low to $0.0285 high. On the downside, there is a decent support forming near the $0.0262 level.
There is also a rising channel forming with support near $0.0263 on the 4-hours chart. The trend line is close to the 76.4% Fib retracement level of the upward move from the $0.0240 swing low to $0.0285 high, and the 55 simple moving average (4-hours).
If there is a downside break below the trend line support near $0.0262, there is a risk of a drop towards the $0.0260 support. Any further losses may negate the current trend and the price could dive towards the $0.0240 support.
On the upside, the bulls are facing hurdles near the $0.0275 and $0.0280 levels. A clear break above the $0.0280 resistance could open the doors for a sharp increase. The next stop for bulls might be near the $0.0300 level.
The chart indicates that TRX price is clearly trading well above the $0.0260 support and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if it clears the $0.0275 and $0.0280 resistance levels.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is showing positive signs in the bullish zone.
4 hours RSI – The RSI for TRX/USD is currently above the 40 level, with a positive angle.
Key Support Levels – $0.0262 and $0.0260.
Key Resistance Levels – $0.0275, $0.0280 and $0.0285.
