Tron (TRX) Price Analysis: Dips Remain Attractive To The Bulls
- Tron price rallied further above the $0.0180 resistance zone against the US Dollar.
- TRX price traded as high as $0.0186 and it is currently correcting lower.
- There is a major bullish trend line forming with support near $0.0173 on the 4-hours chart (data feed via Bitfinex).
- The pair is likely to remain well bid above the $0.0172 and $0.0170 support levels.
TRON price is trading in a strong uptrend above $0.0170 against the US Dollar, similar to bitcoin. TRX price is likely start a fresh increase as long as it is above $0.0170.
Tron Price Analysis
In the past few days, TRON price gained bullish momentum above the $0.0170 resistance level against the US Dollar. TRX price even settled nicely above the $0.0170 level and the 55 simple moving average (4-hours).
The upward move was such that the price broke the $0.0180 level and it traded to a new monthly high at $0.0186. It is currently correcting lower and trading below the $0.0180 level.
There was a break below the 23.6% Fibonacci retracement level of the upward move from the $0.0164 low to $0.0186 high. On the downside, there are many supports visible near the $0.0174 and $0.0172 levels.
An immediate support is near the $0.0175 level or the 50% Fibonacci retracement level of the upward move from the $0.0164 low to $0.0186 high. There is also a major bullish trend line forming with support near $0.0173 on the 4-hours chart.
If tron price breaks the trend line support, it could find support near the $0.0170 level or the 55 simple moving average (4-hours). Any further losses could start a major decline towards the $0.0160 and $0.0155 support levels in the near term.
Conversely, the price may perhaps start a fresh increase from the trend line support or $0.0170. An initial hurdle on the upside is near the $0.0180 level. If the bulls gain strength above the $0.0180 resistance, there are high chances of a sustained upward move towards the $0.0185 and $0.0188 levels.
The chart indicates that TRX price is clearly trading in a positive zone above the $0.0172 and $0.0170 support levels. As long as there is no clear break below the $0.0170 support, the price is likely to resume its upward move above $0.0180.
4 hours MACD – The MACD for TRX/USD is currently gaining momentum in the bearish zone.
4 hours RSI – The RSI for TRX/USD is now close to the 50 level.
Key Support Levels – $0.0172 and $0.0170.
Key Resistance Levels – $0.0180, $0.0185 and $0.0200.