- Tron price started a strong decline after rallying towards the $0.0400 level against the US Dollar.
- TRX price is now trading below the $0.3500 level and the 55 simple moving average (4-hours).
- There is a major contracting triangle forming with support near $0.0300 on the 4-hours chart (data feed via Bitfinex).
- The pair is likely to start a fresh increase as long as it is above $0.0300 and $0.0275.
TRON price is trading in a positive zone above $0.0300 against the US Dollar, similar to bitcoin. TRX price must stay above $0.0275 to start a fresh increase in the near term.
Tron Price Analysis
TRON price rallied sharply this past week above $0.0300 and $0.0320 against the US Dollar. TRX price even spiked above the $0.0380, but it failed to clear the $0.0400 resistance level.
Recently, there was a sharp downside correction below the $0.0350 support level. The price even broke the $0.0320 support and settled below the 55 simple moving average (4-hours). A low was formed near $0.0274 and the price recovered above $0.0320 level.
The price climbed above $0.0330 level, but it faced hurdles near $0.0343. It is now moving lower and broke the 50% Fib retracement level of the upward move from the $0.0274 low to $0.0343 high.
An initial support is near the $0.0300 level. There is also a major contracting triangle forming with support near $0.0300 on the 4-hours chart. The triangle support is close to the 76.4% Fib retracement level of the upward move from the $0.0274 low to $0.0343 high is also near the triangle support.
If there is a downside break below the triangle support, there is a risk of more losses towards the $0.0275 support level. Any more losses could spark a sharp decline towards $0.0250.
On the upside, the price is facing hurdles near $0.0320 level and the 55 simple moving average (4-hours). The main resistance is now near $0.0332. A successful close above the $0.0332 resistance and the triangle upper trend line could lead the price further higher towards $0.0350 or $0.0380.
The chart indicates that TRX price clearly preparing for the next move with a major support near $0.0300. Overall, the price is likely to start a fresh increase as long as it is above $0.0300 and $0.0275.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is showing negative signs in the bearish zone.
4 hours RSI – The RSI for TRX/USD is well below the 50 level.
Key Support Levels – $0.0300 and $0.0275.
Key Resistance Levels – $0.0320, $0.0332 and $0.0350.
