- Tron price started a recovery wave above $0.0880 against the US Dollar.
- TRX price is now trading below $0.1000 and near the 55 simple moving average (4-hours).
- There was a break above a short-term declining channel with resistance near $0.0845 on the 4-hours chart (data feed via Bitfinex).
- The pair could start a major increase if there is a clear break above the $0.1000 resistance.
TRON price started a recovery wave from $0.0720 against the US Dollar, similar to bitcoin. TRX price is recovering, but it must clear $0.1000 for more gains.
Tron Price Analysis
After facing resistance, tron price started a fresh decline below the $0.1000 level against the US Dollar. TRX price even broke the $0.0900 support level to enter a bearish zone.
A low was formed near $0.0727 and the price started a fresh increase. There was a recovery wave above the $0.0800 level. The price surpassed the 50% Fib retracement level of the downward move from the $0.1018 swing high to $0.0727 low.
There was also a break above a short-term declining channel with resistance near $0.0845 on the 4-hours chart. However, the price is trading below $0.1000 and near the 55 simple moving average (4-hours).
An immediate resistance on the upside is near the $0.0920 level and the 55 simple moving average (4-hours). The first major resistance is near the $0.0950 level. It is near the 76.4% Fib retracement level of the downward move from the $0.1018 swing high to $0.0727 low.
A close above $0.0950 and $0.1000 is must for a fresh increase. In the stated case, the price could rise towards the $0.10650 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.1100 level.
On the downside, an initial support is near the $0.088 level. The first major support is now forming near $0.0850. The next major is near the $0.0800 level. Any more losses might call for a sharp decline towards the $0.0750 level.
The chart indicates that TRX price is now trading below $0.1000 and near the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $0.1000 resistance.
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 – $0.0900 and $0.0880.
Key Resistance Levels – $0.0950, $0.1000 and $0.1080.
