- Tron price spiked above $0.3100, but it failed to accelerate higher against the US Dollar.
- TRX price is now trading above the $0.0280 support and the 55 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $0.0310 on the 4-hours chart (data feed via Bitfinex).
- The pair could either start a fresh increase towards $0.3100 or it might decline to $0.0250.
TRON price is showing positive signs above $0.0280 and $0.0265 against the US Dollar, while bitcoin is surging. TRX price must stay above $0.0265 to start a fresh increase in the near term.
Tron Price Analysis
In the past few days, TRON price climbed higher sharply from the $0.0265 support zone against the US Dollar. TRX price gained strength above the $0.0280 resistance and the 55 simple moving average (4-hours).
As a result, there was a spike above the $0.03000 level. The price even broke the $0.0310 level, but it failed to continue higher. The last swing high was formed near $0.0312 before the price declined. There was a break below the $0.0280 support and the 55 simple moving average (4-hours).
However, the price is holding the $0.0265 support and the recent low was near $0.0270. The price is currently consolidating above $0.0265 and it is preparing for the next move.
An initial resistance is near the $0.0290 level. it is close to the 50% Fib retracement level of the downward move from the $0.0312 high to $0.0270 low. There is also a key contracting triangle forming with resistance near $0.0310 on the 4-hours chart.
The $0.0302 level is also a hurdle. It is close to the 76.4% Fib retracement level of the downward move from the $0.0312 high to $0.0270 low. A close above the $0.03000 and $0.0310 levels could open the doors for a strong increase in the coming sessions. The next major stop for the bulls could be $0.0350.
Conversely, the price could break the triangle support and the $0.0265 level. A close below $0.0265 may possibly call for a strong decline towards the $0.0250 level.
The chart indicates that TRX price clearly trading above a crucial support at $0.0265. Overall, the price could either start a fresh increase towards $0.3100 or it might decline to $0.0250 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 just above the 50 level.
Key Support Levels – $0.0265 and $0.0250.
Key Resistance Levels – $0.0290, $0.0300 and $0.0312.
