- Tron price is approaching the main $0.0275 support zone against the US Dollar.
- TRX price is now trading with below the 55 simple moving average (4-hours), with a bearish angle.
- There was a break below a major bullish trend line with support near $0.0305 on the 4-hours chart (data feed via Bitfinex).
- The pair could start a fresh increase as long as the price is above the $0.0275 support.
TRON price is moving lower and approaching the key $0.0275 support against the US Dollar, while bitcoin is well above $23K. TRX price must clear the $0.0300 resistance to start a fresh increase.
Tron Price Analysis
This past week, TRON price started a steady increase above the $0.03000 level against the US Dollar. TRX price even traded above $0.0320, but it struggled to clear the $0.0325 resistance level.
A high was formed near the $0.0328 level before the price started a fresh decline. There was a sharp decline below the $0.03000 support level. There was also a break below a major bullish trend line with support near $0.0305 on the 4-hours chart.
The pair settled well below the $0.0300 level and the 55 simple moving average (4-hours). The price is now approaching the $0.0275 support zone. A low is formed near $0.0276 and the price is struggling to recover.
An initial resistance is near the $0.0288 level. The 23.6% Fib retracement level of the downward move from the $0.0328 swing high to $0.0276 low is also near the $0.0288 level. The next major resistance above the $0.0288 level is seen near the $0.0300 level.
The 50% Fib retracement level of the downward move from the $0.0328 swing high to $0.0276 low sits near $0.0300 to act as a resistance. Moreover, the 55 simple moving average (4-hours) is also near $0.0300.
A clear break above the $0.0300 resistance level and the 55 simple moving average (4-hours is needed for a sustained upward move. The next key stop for the bulls could be near the $0.0328 level.
On the downside, the main support is near the $0.0275 level. A successful break and close below the $0.0275 support could spark a sharp decline. The next major support could be near $0.0250.
The chart indicates that TRX price clearly trading near a crucial support near $0.0276 and $0.0275. Overall, the price could start a fresh increase as long as the price is above the $0.0275 support.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is gaining momentum in the bearish zone.
4 hours RSI – The RSI for TRX/USD is now declining towards the 30 level.
Key Support Levels – $0.0275 and $0.0250.
Key Resistance Levels – $0.0288, $0.0300 and $0.0325.
