- Tron price started a strong rally after forming a support base above $0.0250 against the US Dollar.
- TRX price rallied to $0.0300 before trimming almost all gains to test the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance at $0.0258 on the 4-hours chart (data feed via Bitfinex).
- The pair is likely to start a fresh increase as long as it is above $0.0255 and $0.0250.
TRON price surged towards $0.0300 and recently declined heavily against the US Dollar, while bitcoin broke $12,000. TRX price is still well supported above the $0.0250 level.
Tron Price Analysis
TRON price started a strong increase from the $0.0250 support zone against the US Dollar. TRX price broke the $0.0265 and $0.0270 resistance levels to move into a positive zone.
During the increase, there was a break above a key bearish trend line with resistance at $0.0258 on the 4-hours chart. The bulls gained strength for a strong push above the 55 simple moving average (4-hours) and towards the $0.0300 level. However, there was no test of the $0.0300 resistance.
A high was formed near $0.0291 before there was a sharp decline. Tron trimmed most gains and traded below the $0.0265 level. A low is formed near $0.0258 and the price is trading just above the 55 simple moving average (4-hours).
An initial resistance is near the $0.0265 level or the 23.6% Fib retracement level of the recent decline from the $0.0291 high to $0.0258 low. The first major resistance on the upside is near the $0.0275 level.
The 50% Fib retracement level of the recent decline from the $0.0291 high to $0.0258 low is also near the $0.0275 level. A clear break above the $0.0275 resistance might open the doors for a test of the $0.0300 resistance zone in the near term.
On the downside, the 55 simple moving average (4-hours) is an initial support, followed by $0.0255. The first major support is near the $0.0250 level, below which the bulls could struggle to protect the $0.0240 support zone.
The chart indicates that TRX price clearly trimmed most gains from the $0.0291 high. However, the price is likely to start a fresh increase as long as it is above $0.0255 and $0.0250 in the near term.
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 above the 40 level, with a positive angle.
Key Support Levels – $0.0255 and $0.0250.
Key Resistance Levels – $0.0265, $0.0275 and $0.0300.
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Source: Live Bitcoin News