- Tron price remained stable above the $ 0.0420 support zone against the US dollar.
- TRX price is now testing the resistance of $ 0.0480 and the simple moving average of 55 (4 hours).
- A major bearish trendline is forming on the 4-hour chart with resistance near $ 0.0480 (data feed via Bitfinex).
- The pair could start a new rally if it hits the $ 0.0480 and $ 0.0500 resistance levels in the short term.
The TRON price is showing positive signs above $ 0.0420 against the US dollar, similar to Bitcoin. The TRX price must be above $ 0.0500 to see a sharp spike in the short term.
Tron price analysis
After falling sharply, Tron price found support against the US dollar near the $ 0.0380 level. TRX price formed a support base above $ 0.0400 and recently started a decent recovery wave.
There was a break above the $ 0.0420 and $ 0.0425 resistance levels. The price rebounded above the 23.6% fib retracement level of the downward move from the high of $ 0.0644 to the low of $ 0.0380. It is now testing the resistance at $ 0.0480 and the simple moving average of 55 (4 hours).
There is also a major bearish trendline with resistance near $ 0.0480 on the 4 hour chart. The next major resistance above the trendline is near the $ 0.0500 level. The 50% Fib retracement level of the move down from the high of $ 0.0644 to the low of $ 0.0380 is also close to the $ 0.0510 level.
Hence, a sharp break above the $ 0.0500 and $ 0.0510 resistance levels could trigger a sharp rise. The next major resistance is at $ 0.0550, above which the price could move towards $ 0.0600.
Conversely, the price may struggle to clear the trendline and $ 0.0500. Initial support on the downside is near the $ 0.0450 level. The next big support is near the $ 0.0420 level, below which there is a risk of falling towards the $ 0.0380 lows. Further losses could require a test of the $ 0.0350 level.
The graph shows that the TRX price is clearly testing a large hurdle near $ 0.0480 and $ 0.0500. Overall, if price breaks the $ 0.0480 and $ 0.0500 resistance levels in the short term, it could start a new rally.
4 hours MACD – The MACD for TRX / USD is slowly gaining momentum in the bullish zone.
4 hour RSI – The RSI for TRX / USD is just above the 50 level.
Major support levels – $ 0.0450 and $ 0.0420.
Major Resistance Levels – $ 0.0480, $ 0.0500, and $ 0.0550.