- Tron price found support near $0.1200 and it is now correcting higher against the US Dollar.
- TRX price is now trading above the $0.1350 support and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.1400 on the 4-hours chart (data feed via Bitfinex).
- The pair could extend its rally after there is a clear break above the $0.1500 barrier.
TRON price is showing positive signs above $0.1350 against the US Dollar, similar to bitcoin. TRX price could start a strong increase if there is a break above the $0.1500 level.
Tron Price Analysis
After a failure near $0.1700, there was a bearish reaction in tron price against the US Dollar. TRX price broke the $0.1500 support level and the 55 simple moving average (4-hours).
It even declined below the $0.1300 support level. Finally, the bulls took a stand near the $0.1200 zone. A low was formed near $0.1202 before the pair recovered. It broke the $0.1250 and $0.1300 resistance levels. There was also a break above a major bearish trend line with resistance near $0.1400 on the 4-hours chart.
The pair tested the 50% Fib retracement level of the recent decline from the $0.1702 high to $0.1202 low. It is now trading above the $0.1350 support and the 55 simple moving average (4-hours).
An immediate resistance on the upside is near the $0.1500 level. It is near the 61.8% Fib retracement level of the recent decline from the $0.1702 high to $0.1202 low. A successful upside break above the $0.1500 resistance zone could open the doors for a steady increase.
The next major resistance sits near the $0.1700 level. If not, there could be a fresh decline from $0.1500. An immediate support is near the $0.1400 level and the 55 simple moving average (4-hours). The next key support is near the $0.1350 level, below which there is a risk of a drop towards the $0.1200 support.
The chart indicates that TRX price is clearly now trading above the $0.1350 support and the 55 simple moving average (4-hours). Overall, the price could extend its rally after there is a clear break above the $0.1500 barrier.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is now gaining momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is now above the 50 level.
Key Support Levels – $0.1350 and $0.1200.
Key Resistance Levels – $0.1500, $0.1700 and $0.2000.
