- Tron price started a strong decline and traded below the key $0.0500 support against the US Dollar.
- TRX price is now recovering from $0.0380, but it is still well below the 55 simple moving average (4-hours).
- There was a break below a key contracting triangle forming with support near $0.0560 on the 4-hours chart (data feed via Bitfinex).
- The pair could start a fresh increase if it clears the $0.0510 resistance zone in the near term.
TRON price is correcting losses above $0.0450 against the US Dollar, similar to bitcoin is rising. TRX price could start another upward move above $0.0510 and $0.0520.
Tron Price Analysis
After a steady increase, tron price failed to continue higher above the $0.0650 barrier against the US Dollar. As a result, TRX price started a fresh decline below the $0.0600 support and the 55 simple moving average (4-hours).
There was a break below the $0.0580 and $0.0550 support levels. There was also a break below a key contracting triangle forming with support near $0.0560 on the 4-hours chart. Tron price declined below the $0.0500 support and it even spiked below the $0.0400 level.
A low is formed near $0.0378 and the price is currently correcting higher. It is trading above the $0.0420 level. There was a break above the 23.6% Fib retracement level of the downward move from the $0.0648 high to $0.0378 low.
An immediate resistance on the upside is near the $0.0500 level. The first major resistance is near the $0.0510 level. It is close to the 50% Fib retracement level of the downward move from the $0.0648 high to $0.0378 low.
The next major resistance is near the $0.0520 level. A clear break above the $0.0510 and $0.0520 levels will most likely pump the price above the $0.0550 resistance. The next major hurdle for the bulls sits at $0.0600.
Conversely, the price might struggle to settle above the $0.0500 level. An initial support on the downside is near the $0.0450 level. The next major support is near the $0.0420 level, below which there is a risk of a drop towards the $0.0365 support zone.
The chart indicates that TRX price is clearly approaching a major hurdle near $0.0510 and $0.0520. Overall, the price could start a fresh increase if it clears the $0.0510 resistance zone 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 rising towards the 50 level.
Key Support Levels – $0.0450 and $0.04520.
Key Resistance Levels – $0.0520, $0.0520 and $0.0550.
