Tron (TRX) Price Analysis: Trimming Gains, But Uptrend Intact Above $0.025
- Tron price jumped more than 25% and climbed towards the $0.0325 level against the US Dollar.
- TRX price traded as high as $0.0325 and recently started a downside correction wave.
- There is a key bullish trend line forming with support near $0.0260 on the 4-hours chart (data feed via Bitfinex).
- The pair is likely to bounce back above $0.0280 as long as it is trading above the $0.0250 support.
TRON price is currently correcting gains from highs against the US Dollar, similar to bitcoin. TRX price must stay above $0.0250 to bounce back in the near term.
Tron Price Analysis
This past week, TRON price started a strong increase above the $0.0220 resistance against the US Dollar. TRX price broke many hurdles near $0.0250 and the 55 simple moving average (4-hours) to move into an uptrend.
The price even jumped above the $0.0300 resistance levels. It traded to a new multi-week high at $0.0325 and recently started a sharp downside correction. The price declined below the $0.0300 support level.
There was a break below the 50% Fibonacci retracement level of the upward move from the $0.0241 swing low to $0.0325 high. However, the price is now approaching the $0.0260 support level. There is also a key bullish trend line forming with support near $0.0260 on the 4-hours chart.
The trend line is close to the 76.4% Fibonacci retracement level of the upward move from the $0.0241 swing low to $0.0325 high. The next major support is near the $0.0240 level and the 55 simple moving average (4-hours), below which tron price might continue to move down.
In the mentioned case, the price could revisit the $0.0220 support zone. Conversely, the price might start a fresh increase above the $0.0275 and $0.0280 resistance levels.
On the upside, the first major resistance is near the $0.0285 level, above which the price might could rise steadily. In this case, the bulls are likely to aim a fresh break above the $0.0300 level.
The chart indicates that TRX price is clearly approaching a major support near $0.0260 and $0.0250. Therefore, the price is likely to bounce back above $0.0280 as long as it is trading above the $0.0250 support.
4 hours MACD – The MACD for TRX/USD is now gaining momentum in the bearish zone.
4 hours RSI – The RSI for TRX/USD is currently just below the 50 level.
Key Support Levels – $0.0260 and $0.0240.
Key Resistance Levels – $0.0275, $0.0285 and $0.0300.