HomeAltcoin NewsTron (TRX) Price Looks Set To Stage A Strong Comeback

Tron (TRX) Price Looks Set To Stage A Strong Comeback

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  • Tron price is forming a strong support near the $0.0230 and $0.0238 levels against the US Dollar.
  • TRX is moving higher and it recently broke the $0.0242 and $0.0246 resistance levels.
  • There is a major ascending channel forming with resistance near $0.0260 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 is slowly gaining traction against the US Dollar and bitcoin. TRX remains supported on dips and it could start a major upward move above the $0.0260 resistance level.

Tron Price Analysis

After a strong decline, TRON price found support near the $0.0230 level against the US Dollar. The TRX/USD pair traded as low as $0.0223 and later bounced back above $0.0230. It started forming a decent support base above $0.0230 and later moved above the $0.0235 resistance level. There was a steady rise above the $0.0240 resistance and the 55 simple moving average (4-hours). The price moved above the 23.6% Fibonacci retracement level of the last drop from the $0.0319 high to $0.0223 low.

It even broke the $0.0248 and $0.0250 levels, and is currently testing the $0.0255 resistance area. More importantly, there is a major ascending channel forming with resistance near $0.0260 on the 4-hours chart. A clear break above the channel resistance may push the price towards the $0.0270 level. The next key resistance is near $0.0271, and the 50% Fibonacci retracement level of the last drop from the $0.0319 high to $0.0223 low. If there are further gains, the price could rally towards the $0.0300 and $0.0320 levels in the coming days.

On the flip side, if there is a downside correction, the price may test the $0.0248 support level. The main support is near the $0.0240 level and the 55 simple moving average (4-hours). Besides, the channel support is also near the $0.0240 level. Therefore, a clear break below the $0.0240 support might start a strong decline in the near term.

Tron Price Analysis TRX Chart

The chart indicates that TRX price is likely staging a strong comeback above the $0.0255 and $0.0260 resistance levels. The next key resistance is at $0.0271, above which the price could rally 10%-20%. The overall price action is positive and the recent drift in Ethereum suggests that altcoins are likely to recover in the near future.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly gaining bullish momentum, with a few positive signs.

4 hours RSI – The RSI for TRX/USD is currently well above the 50 level and it is signaling more gains.

Key Support Levels – $0.0248 and $0.0240.

Key Resistance Levels – $0.0255, $0.0260 and $0.0271.

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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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