- Tron price rallied recently and climbed above the key $0.0185 resistance area against the US Dollar.
- TRX price is currently correcting lower and it remains well bid above the $0.0190 and $0.0185 levels.
- There is a contracting triangle forming with resistance near $0.0220 on the 4-hours chart (data feed via Bitfinex).
- The price is likely to climb higher once again above the $0.0220 and $0.0240 resistance levels.
TRON price is trading nicely in an uptrend against the US Dollar and bitcoin. TRX price looks set for more gains above the $0.0200 resistance area.
Tron Price Analysis
This past week, TRON price started a strong rise from the $0.0160 support area against the US Dollar. TRX price rallied sharply and broke many resistances near the $0.0185 and $0.0200 resistance levels.
Moreover, there was a close above the $0.0190 level and the 55 simple moving average (4-hours). The price climbed above the $0.0200 resistance level. A new monthly high was formed near $0.0221 and recently the price started a downside correction.
There was a break below the 23.6% Fibonacci retracement level of the recent rally from the $0.0158 low to $0.0221 high. However, the $0.0200 area is acting as a solid support and preventing additional losses.
It seems like there is a contracting triangle forming with resistance near $0.0220 on the 4-hours chart. If there is a downside break, the price could test the $0.0200 support area.
The next key support is near the $0.0190 level. It represents the 50% Fibonacci retracement level of the recent rally from the $0.0158 low to $0.0221 high. If there are more downsides, tron price may perhaps revisit the $0.0185 support area.
On the upside, there is a major resistance forming near the $0.0220 level. A clear break above the $0.0220 zone might set the pace for more gains towards the $0.0250 level. Any further gains could push the price towards the $0.0275 level.
The chart indicates that TRX price is trading in a strong uptrend above the $0.0200 area and the $0.0190 level. As long as there is no close below $0.0185, there are chances of a fresh increase in the coming sessions. The bulls are likely to target the $0.0250 zone in the coming days. Conversely, a close below the $0.0185 level may perhaps start an extended decline towards the $0.0165 support area.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is showing a lot of positive signs in the bullish zone.
4 hours RSI – The RSI for TRX/USD is currently correcting lower, but it is still well above the 50 level.
Key Support Levels – $0.0200 and $0.0190.
Key Resistance Levels – $0.0220, $0.0240 and $0.0250.
