Tron price is trading above the %excerpt%.0130 and %excerpt%.0132 support levels against the US Dollar.TRX price is facing a major hurdle near the %excerpt%.01388 resistance level.There is a connecting bullish trend line forming with support near %excerpt%.0132 on the 4-hours chart (data feed via Bitfinex).The bulls seem to be aiming an upside break above the %excerpt%.01388 and %excerpt%.0140 resistance levels.TRON price is consolidating above key supports against the US Dollar, similar to bitcoin. TRX price must settle above %excerpt%.0140 to start a strong upward move.Tron Price AnalysisAfter a solid rally, TRON price faced hurdles near the %excerpt%.0160 level against the US Dollar. As a result, TRX price trimmed most gains and traded below the %excerpt%.0140 support.Moreover, there was a close below the %excerpt%.0140 level and the 55 simple moving
Topics:
Aayush Jindal considers the following as important: Altcoin News, News, Trading, TRON, trx
This could be interesting, too:
Chimamanda U. Martha writes OSL Strengthens Partnership with Solomon JFZ Ahead of Hong Kong ETF Launch
Temitope Olatunji writes Japanese Metaplanet’s Purchase of Bitcoin Worth .25M Signals Growing Corporate Adoption
Godfrey Benjamin writes Here Are 3 Major Recent Cardano (ADA) Upgrades to Know
Steve Muchoki writes BNY Mellon Invests in Spot Bitcoin ETFs from BlackRock and Grayscale
- 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
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.