- Tron price is trading above the $0.0155 and $0.0160 resistance levels against the US Dollar.
- TRX price is likely to accelerate higher if it clears the $0.0168 and $0.0170 resistance levels.
- There was a break above a key contracting triangle with resistance near $0.0160 on the 4-hours chart (data feed via Bitfinex).
- The pair could reverse gains if there is no clear break above the $0.0170 hurdle.
TRON price is trying to start a strong increase against the US Dollar, similar to bitcoin. However, TRX price must break the $0.0170 resistance to initiate a rally in the near term.
Tron Price Analysis
After forming a support base above the $0.0152 level, TRON price started a steady recovery against the US Dollar. TRX price broke the $0.0160 resistance level to move into a short term positive zone.
There was a close above the $0.0160 level and the 55 simple moving average (4-hours). More importantly, there was a break above a key contracting triangle with resistance near $0.0160 on the 4-hours chart.
The pair surpassed the 50% Fibonacci retracement level of the downward move from the $0.0167 high to $0.0150 swing low. Tron price is now facing resistance near the $0.0164 and $0.0165 levels.
It seems like the 76.4% Fibonacci retracement level of the downward move from the $0.0167 high to $0.0150 swing low is acting as a resistance. The first major resistance on the upside is near the $0.0168 level.
The main resistance is still near the $0.0170 and $0.0172 levels, above which the bulls are likely to gain bullish momentum in the coming sessions. In the mentioned case, the price is likely to rally towards the $0.0180 and $0.0185 resistance levels.
On the downside, an initial support is near the $0.0160 level and the 55 simple moving average (4-hours). The main support is now near $0.0158, below which the price is likely to revisit the $0.0152 level. Any further losses could push the price towards the $0.0150 level.
The chart indicates that TRX price is likely to accelerate higher if it clears the $0.0168 and $0.0170 resistance levels. Conversely, the price could reverse gains if there is no clear break above the $0.0170 hurdle and it could dive towards $0.0150.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is currently losing momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is now well above the 50 level.
Key Support Levels – $0.0158 and $0.0155.
Key Resistance Levels – $0.0168, $0.0172 and $0.0180.
