- Tron price started a fresh rally above the $0.1050 resistance zone against the US Dollar.
- TRX price is now trading above $0.1050 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $0.1040 on the 4-hours chart (data feed via Bitfinex).
- The pair is correcting gains, but dips are likely to be limited below $0.1100.
TRON price remained well bid above $0.1050 against the US Dollar, similar to bitcoin. TRX price is rising and it could continue to rise above the $0.1200 level.
Tron Price Analysis
After a close above $0.1000, tron price started a fresh increase against the US Dollar. TRX price surged above the $0.1050 and $0.1120 resistance levels to move into a positive zone.
The price even surged above $0.1150 and the 55 simple moving average (4-hours). There was a break above a key bearish trend line with resistance near $0.1040 on the 4-hours chart. A high is formed near $0.1174 and it is now correcting gains.
There was a break below the $0.1150 level. It is now trading near the 23.6% Fib retracement level of the upward move from the $0.0994 swing low to $0.1174 high.
On the downside, an initial support is near the $0.1120 level. The first major support is now forming near $0.1100. The 50% Fib retracement level of the upward move from the $0.0994 swing low to $0.1174 high is the next major support near $0.1085 level.
Any more losses might call for a decline towards the $0.1050 level. The next major support is near the $0.1000 level in the near term. On the upside, an initial resistance is near the $0.1150 level. The first major resistance is near the $0.1180 level. A close above $0.1150 and $0.1180 is must for a fresh increase.
In the stated case, the price could rise towards the $0.1250 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.1250 level.
The chart indicates that TRX price is now trading above $0.1050 and the 55 simple moving average (4-hours). Overall, the price correcting gains, but dips are likely to be limited below $0.1100.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is slowly losing momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is now above the 50 level.
Key Support Levels – $0.1120 and $0.1100.
Key Resistance Levels – $0.1150, $0.1180 and $0.1200.
