- Tron price is trading in a positive zone above the $0.0180 support zone against the US Dollar.
- TRX price is currently facing hurdles near $0.0190, but it is well above the 55 simple moving average (4-hours).
- There is a crucial contracting triangle forming with resistance near $0.0187 on the 4-hours chart (data feed via Bitfinex).
- The pair could start a strong upward move if it breaks the $0.0187 and $0.0190 resistance levels.
TRON price is following a bullish path above $0.0180 against the US Dollar, while bitcoin rallied 10%. TRX price could also rally if it breaks the $0.0190 resistance.
Tron Price Analysis
In the past few days, there was a steady increase in TRON price above the $0.0170 level against the US Dollar. TRX price even broke the $0.0180 resistance level and settled above the 55 simple moving average (4-hours).
Finally, there was a break above the $0.0190 level, but the price struggled to gain bullish momentum. A high was formed near $0.0193 before the price started a downside correction. It tested the $0.0180 support and it is currently back above $0.0185.
There was a break above the 50% Fibonacci retracement level of the recent decline from the $0.0193 high to $0.0176 swing low. Moreover, there is a crucial contracting triangle forming with resistance near $0.0187 on the 4-hours chart.
The triangle resistance is also near the 76.4% Fibonacci retracement level of the recent decline from the $0.0193 high to $0.0176 swing low. A clear break above the $0.0187 and $0.0188 levels could open the doors for a fresh increase.
The main resistance is near the $0.0190 level, above which the bulls are likely to aim a stronger rally above the $0.0195 and $0.0200 levels.
Conversely, the price might fail to clear $0.0190 or $0.0195. In the stated bearish case, the price could start a fresh decline below the $0.0180 support. The next major support is near the $0.0175 level, below which the price could revisit the $0.0164 support zone.
The chart indicates that TRX price is clearly approaching the next major break with a key hurdle near $0.0190. It seems like the price could start a strong upward move if it breaks the $0.0190 and $0.0195 resistance levels.
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 moving nicely above the 50 level.
Key Support Levels – $0.0180 and $0.0175.
Key Resistance Levels – $0.0187, $0.0190 and $0.0195.
