- Tron price gained traction recently and rallied above the $0.0280 resistance against the US Dollar.
- TRX traded above the $0.0300 level before starting a downside correction from the $0.03199 high.
- There is a major bullish trend line in place with support at $0.0290 on the 4-hours chart (data feed via Bitfinex).
- The price is likely to bounce back above $0.0300 as long as it is above the $0.0290 support.
TRON price is back in an uptrend above $0.0265 and $0.0280 against the US Dollar, plus versus . TRX is currently testing an important support and it is likely to bounce back.
Tron Price Analysis
This past week, TRON price started a solid upward move after it broke the $0.0248 resistance against the US Dollar. The TRX/USD pair surged above the $0.0250 resistance and settled above the 55 simple moving average (4-hours). Buyers gained traction and pushed the price above the $0.0265 and $0.0280 resistances. There was an intermediate correction, but the $0.0248 level acted as a support. The above the $0.0290 and $0.0300 levels. A new monthly high was formed at $0.0319 and recently the price corrected lower.
It traded below the $0.0300 level and the 50% Fibonacci retracement level of the last wave from the $0.0277 low to $0.03199 high. However, the previous resistance at $0.0294 acted as a strong support. Besides, the 61.8% Fibonacci retracement level of the last wave from the $0.0277 low to $0.03199 high also acted as a support. More importantly, there is a major bullish trend line in place with support at $0.0290 on the 4-hours chart of TRX.
Therefore, the price is clearly trading above the key $0.0294 and $0.0290 support levels. It is likely to bounce back above the $0.0300 and $0.0310 levels. On the upside, a break above the $0.0320 level might push the price towards the $0.0350 level. Conversely, if there is a downside break below the $0.0290 support, the price may retest the $0.0280 level. The main support is at $0.0275 and the 55 simple moving average (4-hours).
The indicates that TRX price is placed nicely in a positive zone above the $0.0290 support. There are high chances of a fresh increase above the $0.0300 and $0.0310 resistance levels. Moreover, if buyers gain control, the next major stop for them could be near the $0.0350 level.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is placed nicely in the bullish zone, with positive signs.
4 hours RSI – The RSI for TRX/USD is currently well above the 60 level, with a bullish angle.
Key Support Levels – $0.0290 and $0.0275
Key Resistance Levels – $0.0310, $0.0320 and $0.0350.
Published at Tue, 09 Apr 2019 09:00:45 +0000
