Wednesday , October 27 2021
Home / Altcoins / Tron (TRX) Price Analysis: Approaching Crucial Support at $0.0275

Tron (TRX) Price Analysis: Approaching Crucial Support at $0.0275

Summary:
Tron price is holding the key %excerpt%.0275 support zone against the US Dollar.TRX price is now facing resistance near %excerpt%.0296, but it is above the 55 simple moving average (4-hours).There was a break above a major bearish trend line with resistance near %excerpt%.0292 on the 4-hours chart (data feed via Bitfinex).The pair could accelerate higher once it clears the %excerpt%.0295 and %excerpt%.0300 resistance levels in the near term.TRON price is slowly recovering above %excerpt%.0280 against the US Dollar, while bitcoin is consolidating. TRX price must clear the %excerpt%.0300 resistance to continue higher in the near term.Tron Price AnalysisTRON price remained well bid above the %excerpt%.0275 and %excerpt%.0272 support levels against the US Dollar. TRX price formed a swing low near %excerpt%.0271 before it started a steady upward move.The price

Topics:
Aayush Jindal considers the following as important: , , , ,

This could be interesting, too:

Nick Marinoff writes JPMorgan: Bitcoin Is Big Only Due to Inflation

Nick Marinoff writes PayPal’s Peter Thiel Wishes He Had Bought More BTC

Nick Marinoff writes Worldcoin Will Give You Free Crypto if You Let It Scan Your Eyes

Aayush Jindal writes Cardano (ADA) Price Analysis: Key Hurdle At .25

  • Tron price is holding the key $0.0275 support zone against the US Dollar.
  • TRX price is now facing resistance near $0.0296, but it is above the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $0.0292 on the 4-hours chart (data feed via Bitfinex).
  • The pair could accelerate higher once it clears the $0.0295 and $0.0300 resistance levels in the near term.

TRON price is slowly recovering above $0.0280 against the US Dollar, while bitcoin is consolidating. TRX price must clear the $0.0300 resistance to continue higher in the near term.

Tron Price Analysis

TRON price remained well bid above the $0.0275 and $0.0272 support levels against the US Dollar. TRX price formed a swing low near $0.0271 before it started a steady upward move.

The price corrected above the $0.0280 and $0.0282 resistance levels. There was also a break above the 50% Fib retracement level of the downward move from the $0.0311 swing high to $0.0271 swing low. Moreover, there was a break above a major bearish trend line with resistance near $0.0292 on the 4-hours chart.

The price is now trading above the $0.0290 level and the 55 simple moving average (4-hours). However, the price is facing a strong resistance near the $0.0296 and $0.0300 levels.

The 61.8% Fib retracement level of the downward move from the $0.0311 swing high to $0.0271 swing low is acting as a resistance. A clear break above the $0.0296 and $0.0300 resistance levels could lead the price towards the $0.0320 and $0.0350 resistance levels.

Conversely, the price might start a fresh decline below $0.0285 support and the 55 simple moving average (4-hours). A clear break below the $0.0285 support may possibly increase the chances of a sharp decline below the $0.0275 support.

A successful break and close below the $0.0275 support could lead the price towards the $0.0265 support. Any more losses could lead the price towards the $0.0250 level.

Tron (TRX) Price

Tron (TRX) Price

The chart indicates that TRX price clearly trading near a crucial resistance near $0.0296 and $0.0300. In the stated case, the price could accelerate higher once it clears the $0.0295 and $0.0300 resistance levels in the near term.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is struggling to settle above the 50 level.

Key Support Levels – $0.0285 and $0.0275.

Key Resistance Levels – $0.0295, $0.0300 and $0.0320.

Tags: ,

Leave a Reply

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