HomeAltcoin NewsTron (TRX) Price Positioning For Bullish Break Above $0.0300

Tron (TRX) Price Positioning For Bullish Break Above $0.0300

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  • Tron price started a sharp downside correction from the $0.0331 high against the US Dollar.
  • TRX price found support near the $0.0245 level and it is currently moving higher towards $0.0300.
  • There is an ascending channel forming with support near the $0.0270 level on the 4-hours chart (data feed via Bitfinex).
  • The price remains well supported on the downside and it could soon climb above $0.0290 and $0.0300.

TRON price is slowly gaining bullish momentum against the US Dollar, but struggling vs bitcoin. TRX could start a strong upward move if there is an upside break above $0.0300.

Tron Price Analysis

This past week, there was a strong rally in TRON price above the $0.0250 and $0.0280 resistances against the US Dollar. The TRX/USD pair even broke the $0.0300 level and settled above the 55 simple moving average (4-hours). Finally, there was a push above the $0.0320 level and the price traded to a new monthly high at $0.0331. Later, there was a sharp downside correction below the $0.0320 and $0.0300 levels. The price even declined below the $0.0280 level, but it found support near the 55 simple moving average (4-hours).

A swing low was formed at $0.0247 and the price is currently moving higher. It climbed above the $0.0265 level and the 23.6% Fibonacci retracement level of the last decline from the $0.0331 high to $0.0247 low. However, the $0.0285 and $0.0290 levels are currently acting as hurdles. The 50% Fibonacci retracement level of the last decline from the $0.0331 high to $0.0247 low is also acting as a resistance for the bulls. A clear break above the $0.0290 level is likely to open the doors for more gains in the near term.

On the downside, there are many supports near the $0.0270 and $0.0265 levels. There is also an ascending channel forming with support near the $0.0270 level on the 4-hours chart. A downside break below the $0.0265 support level may open the doors for more losses in the near term. The next key supports are near $0.0250 and $0.0245.

Tron Price Analysis TRX Chart

The chart indicates that TRX price is following a decent bullish path above the $0.0265 support. Therefore, there are chances of more gains above the $0.0290 and $0.0300 levels. The next main resistance is near the $0.0330 level, above which the price could trade towards the $0.0360 level.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bullish zone, with positive signs.

4 hours RSI – The RSI for TRX/USD is currently above the 50 level, and it could continue to rise towards the 65 level.

Key Support Levels – $0.0265 and $0.0270.

Key Resistance Levels – $0.0290, $0.0300 and $0.0312.

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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