- Tron price is up more than 8% and it broke the $0.0120 and $0.0132 resistance levels against the US Dollar.
- TRX price traded to a new monthly high at $0.0140 and it is currently correcting gains.
- There is a major bullish trend line forming with support near $0.0128 on the 4-hours chart (data feed via Bitfinex).
- The price could correct in the short term, but it is likely to find support near the $0.0125 area.
TRON price is back in a positive zone above $0.0120 against the US Dollar, similar to bitcoin. TRX price remains supported on dips and it could soon test the $0.0150 resistance.
Tron Price Analysis
In the past few days, there was a steady rise in TRON price above the $0.0105 resistance against the US Dollar. TRX price broke the main $0.0120 resistance area and the 55 simple moving average (4-hours) to move into a positive zone.
Finally, there was a break above the $0.0132 resistance and the price traded to a new monthly high at $0.0140. It is currently correcting lower from $0.0140 and trading below $0.0138.
An initial support is near the $0.0135 level. Besides, the 23.6% Fibonacci retracement level of the recent rise from the $0.0118 low to $0.0140 high is also near the $0.0135 support area. If there are more downsides, the price could decline towards the $0.0130 support.
The 50% Fibonacci retracement level of the recent rise from the $0.0118 low to $0.0140 high is also near the $0.0129 level to act as a support. More importantly, there is a major bullish trend line forming with support near $0.0128 on the 4-hours chart.
Therefore, dips in tron price remain well supported near the $0.0130 and $0.0128 levels. Any further losses may perhaps lead the price towards the $0.0120 support level.
On the upside, an initial resistance is near the $0.0140 level. A successful break above the recent high might open the doors for a push towards the $0.0150 level. Any further gains could lead the price towards the $0.0165 barrier.
The chart indicates that TRX price is clearly trading in a positive zone above the $0.0120 and $0.0128 levels. As long as there is no close below $0.0120, the bulls are likely to remain in action in the near term.
4 hours MACD – The MACD for TRX/USD is slowly losing momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is currently correcting lower from well above the 70 level.
Key Support Levels – $0.0130 and $0.0128.
Key Resistance Levels – $0.0140, $0.0150 and $0.0165.
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Source: Live Bitcoin News