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The price of Tron was corrected lower this week after a monster rally at $ 0.0350. TRX tested the support from $ 0.0220, rebounded and now could accelerate to $ 0.0300 or $ 0.0320.
Key points of conversation
- Tron's price found support near $ 0.0220 and rebounded (Binance data feeds) against the US dollar.
- There was a break above a fundamental bearish trend line with resistance at $ 0.0230 on the 4-hour chart.
- The TRX price is back on the upside and may continue to rise higher towards $ 0.0280 and $ 0.0300.
Price analysis of Tron
Ultimately, we saw a bad upward move in the price of tron above $ 0.0300 compared to the US dollar. The TRX / USD pair tested the zone from $ 0.0350 and subsequently began a downward correction.
Looking at the chart, the TRX price fell heavily compared to the low of $ 0.0357 traded below support levels of $ 0.0300 and $ 0.0250. However, the previous pivot area near $ 0.0220 served as a solid support and prevented further losses.
Low was formed at $ 0.0211 and thereafter c & # 39; was a fair upward reaction. Buyers settled the resistance of $ 0.0230 and the simple moving average at 100 (4 hours). Furthermore, there was a break above the Fib retracement level of 23.6% of the last crucial decline from the minimum of $ 0.0357 to $ 0.0211 minimum.
More importantly, there was a break above a fundamental bearish trend line with resistance at $ 0.0230 on the 4-hour chart. The price gained traction above the $ 0.0240 level and traded near $ 0.0270.
The current price action indicates that the price has returned to a positive zone above $ 0.0230. The next stop for buyers could be $ 0.0284. Represents the 50% fiber retracement level of the last crucial decline from the minimum of $ 0.0357 to $ 0.0211 minimum.
Overall, TRX buyers are back in action and it looks like there could be more earnings towards $ 0.0280 and $ 0.0300 in the coming days. Conversely, if there is a downward correction, Tron will likely find a strong buying interest near the support levels of $ 0.0250 and $ 0.0240, below which the next stop will be the 100 SMA (4 hours).
Market data is provided by TradingView.
