- Tron price formed a solid support base near the $0.0224 level against the US Dollar.
- TRX price gained traction recently and broke the $0.0255 and $0.0260 resistance levels.
- There was a break above a major bearish trend line with resistance near $0.0254 on the 4-hours chart (data feed via Bitfinex).
- The price could start a significant upward move if it breaks the $0.0260 and $0.0271 resistances.
Tron Price Analysis
This past week, there was a fresh decline in TRON price below $0.0240 against the US Dollar. The TRX/USD pair traded towards the $0.0224 level and later formed a strong support base. Finally, it started a decent upward move after bitcoin started a significant upward move. The bulls managed to push the price above the $0.0235 and $0.0240 resistance levels. There was even a close above $0.0240 and the 55 simple moving average (4-hours).
During the rise, there was a break above a major bearish trend line with resistance near $0.0254 on the 4-hours chart. The pair spiked above the $0.0260 level and traded as high as $0.0268. It is currently correcting lower below $0.0260, and the 23.6% Fibonacci retracement level of the last wave from the $0.0239 low to $0.0268 high. On the downside, there are many supports near the $0.0255 and $0.0250 levels. The 50% Fibonacci retracement level of the last wave from the $0.0239 low to $0.0268 high is also near $0.0254. Besides, the broken trend line is likely to act as a support near $0.0250.
On the upside, an initial resistance is near the $0.0265 level. A clear break above the recent high is likely to open the doors for more gains above the $0.0270 and $0.0280 levels. The main target for the bulls this week could be $0.0300 and $0.0305. On the downside, only a close below $0.0240 and 55 simple moving average (4-hours) might negate the current bullish view.
The chart indicates that TRX price clearly broke a few important resistances near $0.0250. Having said that, the price must gain momentum above $0.0265 to continue higher. If not, there is a risk of a fresh decline below the $0.0250 and $0.0240 support levels in the near term.
4 hours MACD – The MACD for TRX/USD is slowly gaining pace in the bullish zone.
4 hours RSI – The RSI for TRX/USD is currently correcting lower towards the 50 level, but it is likely to bounce back.
Key Support Levels – $0.0250 and $0.0240.
Key Resistance Levels – $0.0265, $0.0270 and $0.0280.