Tron (TRX) Price Analysis: $0.038 Presents A Crucial Challenge
- Tron price surged and cleared the $0.0300 and $0.0320 resistance levels against the US Dollar.
- TRX price tested the $0.0380 barrier and settled above the 55 simple moving average (4-hours).
- There is a major contracting triangle forming with support near $0.0335 on the 4-hours chart (data feed via Bitfinex).
- The pair is likely to start a fresh increase as long as it is above $0.0330 and $0.0300.
TRON price is trading in a positive zone above $0.0320 against the US Dollar, similar to bitcoin. TRX price could start another increase above $0.0350, but the $0.0380 zone is a major hurdle.
Tron Price Analysis
TRON price started a strong increase after it broke the $0.0280 resistance against the US Dollar. TRX price broke the $0.0300 pivot level and settled well above the 55 simple moving average (4-hours) to move into a positive zone.
The price even rallied above the $0.0350 level and spiked above the $0.0380 barrier. A high was formed near $0.0390 before the price started a downside correction. There was a sharp decline below $0.0350, but the price remained well bid above the $0.0320 level.
A low is formed near $0.0318 and the price is currently consolidating in a broad range. There was a break above the 50% Fib retracement level of the downward move from the $0.0390 high to $0.0318 low.
On the upside, there is a major resistance forming near the $0.0360 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.0390 high to $0.0318 low. There is also a major contracting triangle forming with support near $0.0335 on the 4-hours chart.
A successful close above the $0.0350 and $0.0360 resistance levels may perhaps start another increase in the near term. The main hurdle is still near the $0.0380 level, above which the bulls might aim a break above $0.0400.
Conversely, the price might decline below the triangle support level at $0.0335. The next major support is near the $0.0320 level, below which the price could dive towards the $0.0300 level.
The chart indicates that TRX price clearly preparing for the next move with a major support near $0.0320. Overall, the price is likely to start a fresh increase as long as it is above $0.0330 and $0.0300.
4 hours MACD – The MACD for TRX/USD is showing positive signs in the bullish zone.
4 hours RSI – The RSI for TRX/USD is still well above the 55 level.
Key Support Levels – $0.0335 and $0.0320.
Key Resistance Levels – $0.0350, $0.0360 and $0.0380.