- Tron price formed a decent support near the $0.0235 support level against the US Dollar.
- TRX broke a crucial resistance near $0.0245 to move into a strong bullish trend.
- There was a break above a major contracting triangle with resistance at $0.0240 on the 4-hours chart (data feed via Bitfinex).
- The price surged above $0.0260 and it may continue to rise towards the $0.0300 level in the near term.
TRON price gained a strong bullish momentum against the US Dollar as bitcoin rallied significantly. TRX is now trading well above $0.0250 and it may perhaps test the $0.0300 resistance.
Tron Price Analysis
This past week, TRON price corrected lower towards the $0.0220 support level against the US Dollar. The TRX/USD pair formed a strong support above $0.0220 and later started a fresh increase. Buyers gained momentum above the $0.0232 resistance later the price settled above $0.0232. Later, there was a decent rise above the $0.0235 pivot level and the 55 simple moving average (4-hours). Finally, today’s rise in bitcoin set the tone for more gains above the $0.0240 resistance.
The price rallied above the $0.0245 and $0.0248 resistance levels to move into a strong uptrend. Besides, there was a break above a major contracting triangle with resistance at $0.0240 on the 4-hours chart. The recent uptrend was strong as the surged above the $0.0270 level. A new monthly high was formed at $0.0274 before the price started a downside correction. It tested the 23.6% Fibonacci retracement level of the last wave from the $0.0237 low to $0.0274 high.
The current price action is positive above $0.0260, but if there are more downsides, the price might find bids near $0.0255. The 50% Fibonacci retracement level of the last wave from the $0.0237 low to $0.0274 high is also positioned near the $0.0255 level. On the upside, an initial resistance is near the $0.0272 level, above which the price may retest the $0.0274 high.
The chart indicates that TRX price is gaining bullish momentum above the $0.0255 and $0.0260 levels. If it clears the $0.0274 high, the next stop for buyers could be near the $0.0300 barrier. On the flip side, if there is a downside correction below $0.0262 and $0.0260, buyers are likely to appear near $0.0255. The main support is at $0.0245, which acted as a strong resistance earlier.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone, with positive signs.
4 hours RSI – The RSI for TRX/USD is now well above the 70 level and there are no major bearish correction signs.
Key Support Levels – $0.0260 and $0.0255
Key Resistance Levels – $0.0274, $0.0285 and $0.0300.
