HomeAltcoin NewsTron (TRX) Price Likely Staging A Strong Comeback

Tron (TRX) Price Likely Staging A Strong Comeback

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  • Tron price declined recently and broke the $0.0255 and $0.0250 support levels against the US Dollar.
  • TRX spiked below the $0.0240 support, found support at $0.0227, and later bounced back.
  • There is a short term contracting triangle in place with resistance at $0.0248 on the 4-hours chart (data feed via Bitfinex).
  • The price could correct higher if there is a break above the $0.0250 resistance level.

TRON price declined recently before buyers emerged above key supports against the US Dollar and Bitcoin. TRX could gain pace once it breaks the $0.0248 and $0.0250 resistance levels.

Tron Price Analysis

Recently, there was a strong rise in TRON price above the $0.0250 and $0.0270 resistances against the US Dollar. The TRX/USD pair even broke the $0.0275 level and formed a high at $0.0279. Later, there was a sharp decline and the price broke the $0.0270 and $0.0255 support levels. Sellers even pushed the price below the $0.0250 support and the 55 simple moving average (4-hours). A low was formed at $0.0227 and later the price started a decent recovery.

It moved above the $0.0240 level and the 23.6% Fibonacci retracement level of the last decline from the $0.0279 high to $0.0227 low. At the moment, the price is trading above the $0.0240 support and forming the next breakout pattern. More importantly, there is a short term contracting triangle in place with resistance at $0.0248 on the 4-hours chart. Above the triangle resistance, the next resistance is near the $0.0252 level and the 55 simple moving average (4-hours). Finally, the 50% Fibonacci retracement level of the last decline from the $0.0279 high to $0.0227 low is at $0.0253.

If the price continues to move higher, it could break the $0.0252 and $0.0253 resistance levels very easily. On the other hand, if there is a downside break below the $0.0240 support, the price may face an increase in selling pressure. In the mentioned bearish scenario, the price could revisit the $0.0220 level. An intermediate support is near the $0.0225 level.

Tron Price Analysis TRX Chart

The chart indicates that TRX price is preparing for a solid comeback above the $0.0250 and $0.0252 resistance levels. The key hurdle for buyers is near the $0.0255 level, above which the price may revisit the $0.0270 level. If buyers fail to gain pace above the $0.0250 level, the price may decline back towards $0.0240 and $0.0225.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is currently showing positive signs in the bullish zone.

4 hours RSI – The RSI for TRX/USD is currently above the 42 level and it could break the 50 level.

Key Support Levels – $0.0240 and $0.0220

Key Resistance Levels – $0.0250, $0.0252 and $0.0253.

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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