EagleFX

Tron price formed a strong support above the $0.0310 level. Recently, TRX price rallied nearly 10% and broke a few important resistances to move into an uptrend.

  • Tron price broke the $0.0330 resistance level and recently tested the $0.0365 area.
  • There was a break above a contracting triangle with resistance near $0.0328 on the 4-hours chart.
  • TRX price is currently correcting gains, but it is likely to find strong bids near $0.0330.

Tron TRX Price

Tron Price Analysis (TRX to USD)

After multiple tests of the $0.0300 support area, tron price finally started a decent upward move. TRX price broke $0.0315 and $0.0320 resistance levels to move into a positive zone and start a recovery.

Tron Price Analysis (TRX to USD)

Click to Enlarge Chart

Looking at the 4-hours chart of TRX/USD, the pair settled above the key $0.0330 resistance area and the 25 simple moving average (4-hours). During the rise, there was a break above a contracting triangle with resistance near $0.0328.

The price even broke the $0.0350 resistance and traded to a new weekly high at $0.0364. The bulls faced a strong resistance near $0.0365 and the price recently corrected below $0.0350.

There was a break below the 23.6% Fib retracement level of the last wave from the $0.0295 swing low to $0.0364 high. However, there is a strong support forming on the downside near the $0.0330 level plus the 25 simple moving average (4-hours).


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Moreover, the 50% Fib retracement level of the last wave from the $0.0295 swing low to $0.0364 high is also near the $0.0330 level to provide a solid support.

If tron price fails to stay above the $0.0330 support or the 25 simple moving average (4-hours), there could be a fresh decline towards the main $0.0300 support area. Conversely, the price could climb back towards the $0.0365 resistance level.

If there is a successful close above $0.0365, there could be upside continuation towards the $0.0380 level. The next important resistances are near $0.0400 and $0.0415, above which TRX/USD may perhaps aim $0.0500 in the coming days.

The market data is provided by TradingView, Binance.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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