HomeAltcoin NewsTron (TRX) Price Analysis: Increase In Volatility Above $0.025

Tron (TRX) Price Analysis: Increase In Volatility Above $0.025

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  • Tron price started a strong rally after forming a support base above $0.0250 against the US Dollar.
  • TRX price rallied to $0.0300 before trimming almost all gains to test the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance at $0.0258 on the 4-hours chart (data feed via Bitfinex).
  • The pair is likely to start a fresh increase as long as it is above $0.0255 and $0.0250.

TRON price surged towards $0.0300 and recently declined heavily against the US Dollar, while bitcoin broke $12,000. TRX price is still well supported above the $0.0250 level.

Tron Price Analysis

TRON price started a strong increase from the $0.0250 support zone against the US Dollar. TRX price broke the $0.0265 and $0.0270 resistance levels to move into a positive zone.

During the increase, there was a break above a key bearish trend line with resistance at $0.0258 on the 4-hours chart. The bulls gained strength for a strong push above the 55 simple moving average (4-hours) and towards the $0.0300 level. However, there was no test of the $0.0300 resistance.

A high was formed near $0.0291 before there was a sharp decline. Tron trimmed most gains and traded below the $0.0265 level. A low is formed near $0.0258 and the price is trading just above the 55 simple moving average (4-hours).

An initial resistance is near the $0.0265 level or the 23.6% Fib retracement level of the recent decline from the $0.0291 high to $0.0258 low. The first major resistance on the upside is near the $0.0275 level.

The 50% Fib retracement level of the recent decline from the $0.0291 high to $0.0258 low is also near the $0.0275 level. A clear break above the $0.0275 resistance might open the doors for a test of the $0.0300 resistance zone in the near term.

On the downside, the 55 simple moving average (4-hours) is an initial support, followed by $0.0255. The first major support is near the $0.0250 level, below which the bulls could struggle to protect the $0.0240 support zone.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price clearly trimmed most gains from the $0.0291 high. However, the price is likely to start a fresh increase as long as it is above $0.0255 and $0.0250 in the near term.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is showing positive signs in the bullish zone.

4 hours RSI – The RSI for TRX/USD is still above the 40 level, with a positive angle.

Key Support Levels – $0.0255 and $0.0250.

Key Resistance Levels – $0.0265, $0.0275 and $0.0300.

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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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