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Tron (TRX) Price Analysis: Dips Remain Attractive In Near Term

  • Tron price started a fresh increase from the $0.0158 and $0.0160 support levels against the US Dollar.
  • TRX price is now trading nicely above the $0.0165 resistance level.
  • There was a break above a key bearish trend line with resistance near $0.0168 on the 4-hours chart (data feed via Bitfinex).
  • The bulls seem to be in control and they are likely eyeing a break towards the $0.0200 resistance.

TRON price is trading in a decent uptrend above $0.0160 against the US Dollar, similar to bitcoin. TRX price could continue to rise towards $0.0200 and $0.0212 in the near term.

Tron Price Analysis

This past week, TRON price corrected lower from the $0.0182 resistance area against the US Dollar. TRX price declined below the $0.0175 and $0.0165 support levels.

However, the price found support near the $0.0158 area. A swing low was formed near $0.0156 and the price recently started a fresh increase. It broke the $0.0162 resistance area and the 55 simple moving average (4-hours).

Moreover, there was a break above a key bearish trend line with resistance near $0.0168 on the 4-hours chart. The pair climbed towards the key $0.0175 resistance area. The recent high was near $0.0175 and the price is currently consolidating.

An initial support is near the $0.0170 level. It coincides with the 23.6% Fibonacci retracement level of the upward move from the $0.0156 low to $0.0175 high.

The first major support is near the $0.0166 level and the 55 simple moving average (4-hours). Besides, the 50% Fibonacci retracement level of the upward move from the $0.0156 low to $0.0175 high is also near $0.0166.

If there is a downside break below the $0.0166 and $0.0165 levels, the price could continue to move down. In the mentioned case, it is likely to revisit $0.0158.

On the upside, the $0.0175 level is an initial resistance for the bulls. If bulls push the price above the $0.0175 level, the next major hurdle is near the $0.0180 and $0.0182 resistance levels. Any further gains could lead the price towards the main $0.0200 resistance area.

Tron Price

Tron Price

The chart indicates that TRX price is slowly gaining pace above the $0.0165 and $0.0170 levels. However, the bulls need to clear the $0.0175 and $0.0180 resistance levels to push the price towards the $0.0200 milestone level.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.

4 hours RSI – The RSI for TRX/USD is currently just above the 60 level.

Key Support Levels – $0.0166 and $0.0162.

Key Resistance Levels – $0.0175, $0.0180 and $0.0182.

Tags: TRON, trx

Source: livebitcoinnews.com
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