- Tron price started a strong recovery after it found support near $0.0290 against the US Dollar.
- TRX price gained momentum and broke the $0.0310 and $0.0320 resistance levels.
- There was a break above a crucial bearish trend line with resistance near $0.0310 on the 4-hours chart (data feed via Bitfinex).
- The price is now trading in a positive zone above $0.0320 and it could continue to rise in the near term.
TRON price recently broke a few important resistances against the US Dollar and bitcoin. TRX price is now trading above $0.0320 and it is likely to climb towards the $0.0360 resistance.
Tron Price Analysis
This past week, there was another slide in TRON price below the $0.0320 and $0.0310 supports against the US Dollar. The TRX/USD pair even broke the $0.0300 support area and the 55 simple moving average (4-hours). However, the $0.0290 area acted as a strong support. Recently, there were decent gains in bitcoin, Ethereum and ripple, resulting in positive moves in tron price. It gained momentum above the main $0.0300 resistance.
TRX price broke the 23.6% Fibonacci retracement level of the last decline from the $0.0409 high to $0.0291 low. Moreover, there was a break above a crucial bearish trend line with resistance near $0.0310 on the 4-hours chart. The pair even surpassed the $0.0320 resistance and the 55 simple moving average (4-hours). It is currently trading nicely above $0.0325 and it is consolidating above the $0.0330 level.
On the downside, an immediate support is near the $0.0325 level and the 55 simple moving average (4-hours). However, the main support is at $0.0320, below which the price could revisit the $0.0300 support area. On the upside, an initial resistance is near the $0.0340 level.
The next key resistance is near the $0.0350 level or the 50% Fibonacci retracement level of the last decline from the $0.0409 high to $0.0291 low. If there is an upside break above the $0.0350 level, the price could trade towards the $0.0360 or $0.0365 level.
The chart indicates that TRX price recovered nicely from the $0.0290 support area. It is now trading in a positive zone above the $0.0325 level and the 55 SMA. As long as the price is above the 55 SMA, there could be more gains. The next key resistance is at $0.0350 and $0.0360. If the bulls remain in action, the price could even test $0.0380.
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 correcting lower from the 62 and 60 levels.
Key Support Levels – $0.0325 and $0.0320.
Key Resistance Levels – $0.0340, $0.0350 and $0.0360.
