- Tron price began to decline sharply after rebounding against the US dollar to the $ 0.0400 level.
- The TRX price is now trading below the $ 0.3500 level and the simple moving average of 55 (4 hours).
- A large contraction triangle is forming on the 4-hour chart with support near $ 0.0300 (data feed via Bitfinex).
- The pair is likely to start a fresh move as long as it is above $ 0.0300 and $ 0.0275.
TRON price is trading in a positive zone above $ 0.0300 against the US dollar, similar to Bitcoin. TRX price needs to stay above $ 0.0275 to start a new spike in the short term.
Tron price analysis
TRON price rose sharply above $ 0.0300 and $ 0.0320 against the US dollar for the past week. The TRX price even surged above $ 0.0380 but failed to hit the $ 0.0400 resistance level.
Recently there has been a sharp downward correction below the USD 0.0350 support level. The price even broke the $ 0.0320 support and was below the 55 simple moving average (4 hours). A low was formed near $ 0.0274 and the price rallied above the $ 0.0320 level.
The price rose above the $ 0.0330 level but faced hurdles near $ 0.0343. It is now moving down and has broken the 50% fib retracement level of the move up from the low of $ 0.0274 to the high of $ 0.0343.
Initial support is near the $ 0.0300 level. A large contraction triangle is also forming with support near $ 0.0300 on the 4-hour chart. Triangle support is close to the 76.4% fib retracement level of the move up from the low of $ 0.0274 to the high of $ 0.0343 and is also close to triangle support.
If a downside break occurs below the triangle support, there is a risk of further losses towards the USD 0.0275 support level. Further losses could trigger a sharp decline towards $ 0.0250.
On the upside, the price is facing hurdles near the $ 0.0320 level and the simple moving average of 55 (4 hours). The main resistance is now at $ 0.0332. A successful close above the $ 0.0332 resistance and the upper trendline of the triangle could take the price further towards $ 0.0350 or $ 0.0380.
The graph shows that TRX price is clearly preparing for the next move with strong support near $ 0.0300. Overall, the price should rise again as long as it is above $ 0.0300 and $ 0.0275.
4 hour MACD – The MACD for TRX / USD is showing negative signs in the bearish zone.
4 hour RSI – The RSI for TRX / USD is well below the 50 level.
Major support levels – $ 0.0300 and $ 0.0275.
Major Resistance Levels – $ 0.0320, $ 0.0332, and $ 0.0350.