- Tron price is holding the key $0.0275 support zone against the US Dollar.
- TRX price is now facing resistance near $0.0296, but it is above the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.0292 on the 4-hours chart (data feed via Bitfinex).
- The pair could accelerate higher once it clears the $0.0295 and $0.0300 resistance levels in the near term.
TRON price is slowly recovering above $0.0280 against the US Dollar, while bitcoin is consolidating. TRX price must clear the $0.0300 resistance to continue higher in the near term.
Tron Price Analysis
TRON price remained well bid above the $0.0275 and $0.0272 support levels against the US Dollar. TRX price formed a swing low near $0.0271 before it started a steady upward move.
The price corrected above the $0.0280 and $0.0282 resistance levels. There was also a break above the 50% Fib retracement level of the downward move from the $0.0311 swing high to $0.0271 swing low. Moreover, there was a break above a major bearish trend line with resistance near $0.0292 on the 4-hours chart.
The price is now trading above the $0.0290 level and the 55 simple moving average (4-hours). However, the price is facing a strong resistance near the $0.0296 and $0.0300 levels.
The 61.8% Fib retracement level of the downward move from the $0.0311 swing high to $0.0271 swing low is acting as a resistance. A clear break above the $0.0296 and $0.0300 resistance levels could lead the price towards the $0.0320 and $0.0350 resistance levels.
Conversely, the price might start a fresh decline below $0.0285 support and the 55 simple moving average (4-hours). A clear break below the $0.0285 support may possibly increase the chances of a sharp decline below the $0.0275 support.
A successful break and close below the $0.0275 support could lead the price towards the $0.0265 support. Any more losses could lead the price towards the $0.0250 level.
The chart indicates that TRX price clearly trading near a crucial resistance near $0.0296 and $0.0300. In the stated case, the price could accelerate higher once it clears the $0.0295 and $0.0300 resistance levels in the near term.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is losing momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is struggling to settle above the 50 level.
Key Support Levels – $0.0285 and $0.0275.
Key Resistance Levels – $0.0295, $0.0300 and $0.0320.
