- 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.
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.
