Tron price rallied recently and broke the $ 0.0220 and $ 0.0250 resistance levels. TRX remains well supported on the downside and it could move past $ 0.0300 and $ 0.0320.
Key Talking Points
- Tron price made a nice upward move and broke the $ 0.0250 resistance (Data feed of Binance) against the US Dollar.
- There is a major bullish trend line formed with support at $ 0.0240 on the 4-hours chart.
- TRX price remains well supported and it could continue higher towards $ 0.0300 or $ 0.0320.
Tron Price Analysis
This week, there was a sharp upward move in tron price from the $ 0.0200 support base against the US dollar. The TRX/USD pair gained momentum and broke the $ 0.0220 and 0.0250 resistance levels.
Looking at the chart, TRX price even broke the $ 0.0275 level and settled above the 100 simple moving average (4-hours). A new yearly high was formed at $ $ 0.0277 and later the price started consolidating gains.
It declined below $ 0.0265 and the 23.6% Fib retracement level of the last wave from the $ 0.0221 low to $ 0.0277 high. However, declines were limited and the price is currently trading in a range above the $ 0.0260 support.
On the downside, the next support is near the $ 0.0250 level and the 50% Fib retracement level of the last wave from the $ 0.0221 low to $ 0.0277 high. Moreover, there is a major bullish trend line formed with support at $ 0.0240 on the 4-hours chart.
Therefore, if there is a downside correction, the price is likely to find strong bids near the $ 0.0250 and $ 0.0240 level. Once the current consolidation or correction phase is over, the price may climb back above $ 0.0275.
If TRX buyers remain in action, there is a chance of a push above the $ 0.0300 resistance in the coming sessions. The next major hurdle above the $ 0.0300 level is near the $ 0.0320 level, followed by $ 0.0350. Therefore, tron supporters may look for short term dips to enter in the market for more gains in the near term.
The market data is provided by TradingView.
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