- Tron price gained traction recently and rallied above the $0.0280 resistance against the US Dollar.
- TRX traded above the $0.0300 level before starting a downside correction from the $0.03199 high.
- There is a major bullish trend line in place with support at $0.0290 on the 4-hours chart (data feed via Bitfinex).
- The price is likely to bounce back above $0.0300 as long as it is above the $0.0290 support.
TRON price is back in an uptrend above $0.0265 and $0.0280 against the US Dollar, plus versus bitcoin. TRX is currently testing an important support and it is likely to bounce back.
Tron Price Analysis
This past week, TRON price started a solid upward move after it broke the $0.0248 resistance against the US Dollar. The TRX/USD pair surged above the $0.0250 resistance and settled above the 55 simple moving average (4-hours). Buyers gained traction and pushed the price above the $0.0265 and $0.0280 resistances. There was an intermediate correction, but the $0.0248 level acted as a support. The price climbed higher above the $0.0290 and $0.0300 levels. A new monthly high was formed at $0.0319 and recently the price corrected lower.
It traded below the $0.0300 level and the 50% Fibonacci retracement level of the last wave from the $0.0277 low to $0.03199 high. However, the previous resistance at $0.0294 acted as a strong support. Besides, the 61.8% Fibonacci retracement level of the last wave from the $0.0277 low to $0.03199 high also acted as a support. More importantly, there is a major bullish trend line in place with support at $0.0290 on the 4-hours chart of TRX.
Therefore, the price is clearly trading above the key $0.0294 and $0.0290 support levels. It is likely to bounce back above the $0.0300 and $0.0310 levels. On the upside, a break above the $0.0320 level might push the price towards the $0.0350 level. Conversely, if there is a downside break below the $0.0290 support, the price may retest the $0.0280 level. The main support is at $0.0275 and the 55 simple moving average (4-hours).
The chart indicates that TRX price is placed nicely in a positive zone above the $0.0290 support. There are high chances of a fresh increase above the $0.0300 and $0.0310 resistance levels. Moreover, if buyers gain control, the next major stop for them could be near the $0.0350 level.
4 hours MACD – The MACD for TRX/USD is placed nicely in the bullish zone, with positive signs.
4 hours RSI – The RSI for TRX/USD is currently well above the 60 level, with a bullish angle.
Key Support Levels – $0.0290 and $0.0275
Key Resistance Levels – $0.0310, $0.0320 and $0.0350.