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- Tron's price has reorganized recently and outstripped resistance from $ 0.0275 and $ 0.0340 to the US dollar.
- There is an uptrend line in place with support for $ 0.0240 on the 4-hour chart (data feeds via Bitfinex).
- The price remains close to $ 0.0240 and $ 0.0220 and may soon rebound over $ 0.0280.
Tron's price rose higher this week above $ 0.0300 and subsequently reduced most of the gains against the US dollar and Bitcoin. TRX still remains supported and may soon rise higher.
Price analysis of Tron
This week, there was a strong upward boost from the $ 0.0220 support in the tron price against the US dollar. The TRX / USD pair gained traction and broke resistance levels of $ 0.0275 and $ 0.0340. The price traded near the $ 0.0360 level and a high was formed at $ 0.0357. Subsequently, bitcoin, Ethereum and ripple decreased heavily and dragged truncated into a bearish zone. It broke support levels of $ 0.0320 and $ 0.0300. Also, there was a break below the 50% Fibonacci retracement level of the last wave, from $ 0.0191 down to $ 0.0357 up.
However, the decline was protected by support levels $ 0.0250 and $ 0.0240. There is also an uptrend line in place with support for $ 0.0240 on the 4-hour chart. The trend line coincides with the $ 0.0242 pivot and the 55 simple (4 hours) moving average. Finally, the Fibonacci retracement level of 61.8% of the last wave, from $ 0.0191 down to $ 0.0357, is also $ 0.0254. Therefore, as long as the price exceeds support levels of $ 0.0240 and $ 0.0220, it could resume its bullish moves. On the upside, an initial resistance is $ 0.0275 and $ 0.0280. A close above $ 0.0280 could trigger moves above $ 0.0300 in the short term.
The chart shows that the TRX price is still traded above key supports close to $ 0.0240 and 55 simple moving averages (4 hours). Buyers could take another ride and bring the price to $ 0.0300 and $ 0.0320.
Technical indicators
4-hour MACD – The MACD for TRX / USD is returning to the bullish zone, with a positive trend.
4-hour RSI – The RSI for TRX / USD is still above level 50, with a flat structure.
Key support level – $ 0.0240
Key resistance level – $ 0.0280
