TRON price is showing signs of a fresh break above $0.0350 against the US Dollar, while bitcoin is rising. TRX price could rally to $0.0420 if it clears the $0.0350 resistance.
Tron Price Analysis
This past week, there was a sharp increase in TRON price above the $0.0320 and $0.0350 resistance levels against the US Dollar. TRX price even surged above the $0.0400 resistance and settled above the 55 simple moving average (4-hours).
It traded as high as $0.0447 before trimming almost all its gains. TRX broke the $0.0324 support level and traded as low as $0.0306. It is currently rising and correcting above $0.0320.
There was a break above the 23.6% Fib retracement level of the downward move from the $0.0447 high to $0.0320 low. It is now facing hurdles near $0.0350, but it is well above the 55 simple moving average (4-hours).
The next major resistance is near the $0.0365 level, above which it could test the 50% Fib retracement level of the downward move from the $0.0447 high to $0.0320 low. Any more gains could open the doors for a steady increase towards the $0.0400 and $0.0420 levels.
On the downside, there is a strong support forming near $0.0330. There is also a major bullish trend line forming with support near $0.0330 on the 4-hours chart. If there is a downside break below the trend line support zone, the price could retest the $0.0310 support or the 55 simple moving average (4-hours). Any more losses could lead the price towards the $0.0300 support.
Tron (TRX) Price
The chart indicates that TRX price is clearly facing a strong resistance near the $0.0350 and $0.0365 levels. Overall, the price could start a strong increase if it clears the $0.0350 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 now above the 50 level.
Key Support Levels – $0.0330 and $0.0310.
Key Resistance Levels – $0.0350, $0.0365 and $0.0400.
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