38.5 C
Dubai
Sunday, May 26, 2024
HomeAltcoin NewsTron (TRX) Price Smashes Resistance, $0.030 Could Be Next

Tron (TRX) Price Smashes Resistance, $0.030 Could Be Next

Date:

Related stories

  • 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.

Tron Price Analysis TRX Chart

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.

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.

Subscribe

Latest stories