Altcoin News

Tron (TRX) Price Analysis: Bulls Protecting Support, Fresh Increase Likely

  • Tron price is trading above the $0.0130 and $0.0132 support levels against the US Dollar.
  • TRX price is facing a major hurdle near the $0.01388 resistance level.
  • There is a connecting bullish trend line forming with support near $0.0132 on the 4-hours chart (data feed via Bitfinex).
  • The bulls seem to be aiming an upside break above the $0.01388 and $0.0140 resistance levels.

TRON price is consolidating above key supports against the US Dollar, similar to bitcoin. TRX price must settle above $0.0140 to start a strong upward move.

Tron Price Analysis

After a solid rally, TRON price faced hurdles near the $0.0160 level against the US Dollar. As a result, TRX price trimmed most gains and traded below the $0.0140 support.

Moreover, there was a close below the $0.0140 level and the 55 simple moving average (4-hours). However, the $0.0130 level acted as a strong support and protected further losses.

Tron price is currently consolidating above $0.0130 and below the 55 simple moving average (4-hours). An initial resistance is near the $0.0138 and $0.01388 levels.

Besides, the 23.6% Fibonacci retracement level of the downward move from the $0.0159 high to $0.0130 low is also near the $0.0137 level. Therefore, a successful break above the $0.01388 resistance and the 55 simple moving average (4-hours) might start a decent upward move.

An immediate resistance is near the $0.0140 level, above which the price could rally towards the $0.0450 resistance. Additionally, the 50% Fibonacci retracement level of the downward move from the $0.0159 high to $0.0130 low is near the $0.0145 level.

Any further gains might set the stage for a larger rally towards the $0.0150 and $0.0155 levels. On the downside, there are many supports near the $0.0130 area.

More importantly, there is a connecting bullish trend line forming with support near $0.0132 on the 4-hours chart. If there is a downside break below the trend line and $0.0130, the price could start another decline.

In the mentioned bearish scenario, the price might revisit the $0.0122 support area. The next major support area is near the $0.0120 level.

Tron Price

Tron Price

The chart indicates that TRX price is trading above key supports near the $0.0132 and $0.0130 levels. Thus, there are chances of a fresh increase above $0.0140 unless the bears push the price below the $0.0130 support.

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 currently rising towards the 50 level, with a positive bias.

Key Support Levels – $0.0132 and $0.0130.

Key Resistance Levels – $0.0138, $0.0140 and $0.0145.

Tags: TRON, trx

Source: livebitcoinnews.com
View original post

Tags
Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close