- Tron price formed a base above the $0.0550 level and corrected higher against the US Dollar.
- TRX price is now trading nicely above $0.0700 and the 55 simple moving average (4-hours).
- There was a break above a crucial contracting triangle with resistance near $0.0740 on the 4-hours chart (data feed via Bitfinex).
- The pair is likely to start a steady increase towards the $0.0950 and $0.1000 levels in the near term.
TRON price is showing positive signs above $0.0700 against the US Dollar, similar to bitcoin. TRX price must surpass $0.0800 and $0.0820 to start a steady increase.
Tron Price Analysis
After a downside break below $0.1000, tron price extended its decline against the US Dollar. TRX price broke the $0.0800 support level and the 55 simple moving average (4-hours).
It even declined below the $0.0650 support level. Finally, the price traded as low as $0.0565 and it recently started an upside correction. It recovered above the $0.0620 and $0.0700 levels. The price broke the $0.0720 level and the 55 simple moving average (4-hours).
There was a also break above the 23.6% Fib retracement level of the key drop from the $0.1312 swing high to $0.0565 low. Moreover, there was a break above a crucial contracting triangle with resistance near $0.0740 on the 4-hours chart.
On the upside, an immediate resistance is near the $0.0800 level. The first major resistance is near the $0.0940 level. It is close to the 50% Fib retracement level of the key drop from the $0.1312 swing high to $0.0565 low.
A successful upside break above the $0.0940 resistance zone could open the doors for a steady increase towards $0.1000 or even $0.1200.
On the downside, an immediate support is near the $0.0650 level. The next key support is near the $0.060 level, below which there is a risk of a drop towards the $0.0500 support.
The chart indicates that TRX price is moving nicely above $0.0700 and the 55 simple moving average (4-hours). Overall, the price likely to start a steady increase towards the $0.0950 and $0.1000 levels in the near term.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is now above the 50 level.
Key Support Levels – $0.0650 and $0.0550.
Key Resistance Levels – $0.0800, $0.0940 and $0.1000.
