Tron price formed a strong support above the $0.0310 level. Recently, TRX price rallied nearly 10% and broke a few important resistances to move into an uptrend.
- Tron price broke the $0.0330 resistance level and recently tested the $0.0365 area.
- There was a break above a contracting triangle with resistance near $0.0328 on the 4-hours chart.
- TRX price is currently correcting gains, but it is likely to find strong bids near $0.0330.
Tron Price Analysis (TRX to USD)
After multiple tests of the $0.0300 support area, tron price finally started a decent upward move. TRX price broke $0.0315 and $0.0320 resistance levels to move into a positive zone and start a recovery.
Click to Enlarge Chart
Looking at the 4-hours chart of TRX/USD, the pair settled above the key $0.0330 resistance area and the 25 simple moving average (4-hours). During the rise, there was a break above a contracting triangle with resistance near $0.0328.
The price even broke the $0.0350 resistance and traded to a new weekly high at $0.0364. The bulls faced a strong resistance near $0.0365 and the price recently corrected below $0.0350.
There was a break below the 23.6% Fib retracement level of the last wave from the $0.0295 swing low to $0.0364 high. However, there is a strong support forming on the downside near the $0.0330 level plus the 25 simple moving average (4-hours).
Moreover, the 50% Fib retracement level of the last wave from the $0.0295 swing low to $0.0364 high is also near the $0.0330 level to provide a solid support.
If tron price fails to stay above the $0.0330 support or the 25 simple moving average (4-hours), there could be a fresh decline towards the main $0.0300 support area. Conversely, the price could climb back towards the $0.0365 resistance level.
If there is a successful close above $0.0365, there could be upside continuation towards the $0.0380 level. The next important resistances are near $0.0400 and $0.0415, above which TRX/USD may perhaps aim $0.0500 in the coming days.
The market data is provided by TradingView, Binance.
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