- Tron price declined sharply below the $0.0400 and $0.0360 support levels against the US Dollar.
- TRX price traded as low as $0.0276 and it is currently correcting higher.
- There is a key rising channel forming with support near $0.0330 on the 4-hours chart (data feed via Bitfinex).
- The pair could start a fresh increase if it clears the $0.0360 and $0.0380 resistance levels.
TRON price is currently rising from the $0.0280 support against the US Dollar, while bitcoin is sliding. TRX price is likely to continue higher if it clears the $0.0360 barrier.
Tron Price Analysis
In the past few days, TRON price started a strong decline from well above the $0.0450 level against the US Dollar. TRX price broke many supports near the $0.0400 and $0.0360 levels to move into a bearish zone.
There was also a close below $0.0350 and the 55 simple moving average (4-hours). A low is formed near $0.0276 and the price is currently correcting higher. There was a decent recovery above the $0.0300 and $0.0320 levels.
There was a break above the 23.6% Fibonacci retracement level of the downward move from the $0.0494 high to $0.0276 low. The price is now trading above the $0.0325 level and the 55 simple moving average (4-hours).
It seems like there is a key rising channel forming with support near $0.0330 on the 4-hours chart. The pair is currently facing hurdles near the $0.0358 and $0.0360 levels. The next major resistance is near the $0.0380 level. The 50% Fibonacci retracement level of the downward move from the $0.0494 high to $0.0276 low is also near $0.0380.
If tron price clears the $0.0360 and $0.0380 resistance levels, the price is likely to accelerate higher. In the stated case, the bulls are likely to aim a test of the key $0.0420 resistance zone.
Conversely, the price could start a fresh decline below the channel support at $0.0325. The next major support is near the $0.0320 level, below which the price might revisit the $0.0275 support zone.
The chart indicates that TRX price is clearly recovering nicely and trading with a positive bias above $0.0300. Overall, the price could start a fresh increase if it clears the $0.0360 and $0.0380 resistance levels.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is slowly gaining strength in the bullish zone.
4 hours RSI – The RSI for TRX/USD is currently rising and it is above the 50 level.
Key Support Levels – $0.0325 and $0.0300.
Key Resistance Levels – $0.0360, $0.0380 and $0.0420.
