Connect with us

Hi, what are you looking for?

ELEVENEWS

Tron

Tron (TRX) Price Analysis: Bulls Aiming Fresh Break Above $0.017

  • Tron price is recovering nicely and trading well above the $0.0150 support against the US Dollar.
  • TRX price is showing positive signs above the $0.0155 and $0.0160 levels.
  • There was a break above a key bearish trend line with resistance near $0.0160 on the 4-hours chart (data feed via Bitfinex).
  • The pair is likely to continue higher if it clears the main $0.0170 resistance zone.

TRON price is slowly moving back into a positive zone against the US Dollar, similar to bitcoin. TRX price must break the $0.0170 barrier for more upsides in the near term.

Tron Price Analysis

In the past few days, TRON price followed a bearish path from the $0.0185 resistance against the US Dollar. TRX price broke a few key supports near $0.0170 and the 55 simple moving average (4-hours) to move into a bearish zone.

The price finally broke the $0.0160 support and tested the $0.0150 support. A low is formed near $0.01505 and the price is currently recovering. It broke the $0.0155 and $0.0158 resistance levels.

The bulls pushed the price above the 23.6% Fibonacci retracement level of the downward move from the $0.0185 high to $0.0150 swing low. Moreover, there was a break above a key bearish trend line with resistance near $0.0160 on the 4-hours chart.

It seems like tron price might continue to rise in the near term above $0.0165. The first major resistance is near the $0.0165 level and the 55 simple moving average (4-hours).

The 50% Fibonacci retracement level of the downward move from the $0.0185 high to $0.0150 swing low is also near the $0.0168 level. Therefore, the price must break the $0.0168 and $0.0170 resistance levels to start a strong increase. In the mentioned case, the price might revisit the $0.0185 level.

On the downside, an initial support is near the $0.0158 level. The main support is now near $0.0155, below which there is a risk of more losses below the $0.0150 support.

Tron Price

The chart indicates that TRX price is clearly trading attempting a major upside break above the $0.0160 level. However, the bulls need to clear the $0.0170 resistance zone to initiate a major upward move in the coming sessions.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is now just above the 50 level.

Key Support Levels – $0.0158 and $0.0155.

Key Resistance Levels – $0.0168, $0.0170 and $0.0185.

Advertisement

Copyright © 2020 Elevenews