Tron (TRX) Price Analysis: Primed For More Gains Above $0.0155
- Tron price is trading with a positive bias above the $0.0145 support level against the US Dollar.
- TRX price is currently attempting an upside break above the $0.0152 resistance level.
- There is a contracting triangle forming with support near $0.0145 on the 4-hours chart (data feed via Bitfinex).
- The bulls are likely to gain momentum if there is a clear break above the $0.0152 resistance.
TRON price is gaining bullish momentum above key hurdles against the US Dollar, similar to bitcoin. TRX price needs to climb above $0.0152 and $0.0155 for a push to $0.0165.
Tron Price Analysis
In the past few sessions, TRON price gained pace from the $0.0138 support base against the US Dollar. TRX price broke the $0.0140 and $0.0142 resistance levels to move into a bullish zone.
Besides, there was a close above the $0.0145 level and the 55 simple moving average (4-hours). Finally, the price climbed above the $0.0150 level and it is currently trading near a crucial juncture.
The recent high was near $0.0152 and the price is currently consolidating gains. An initial support for tron is near the $0.0148 level. Moreover, the 23.6% Fibonacci retracement level of the upward wave from the $0.0136 low to $0.0152 high is also near $0.0148.
If there is an extended downside correction below $0.0148, the price could revisit the $0.0145 support area. It seems like there is a strong support forming near the $0.0145 level and the 55 simple moving average (4-hours).
More importantly, there is a contracting triangle forming with support near $0.0145 on the 4-hours chart. The 50% Fibonacci retracement level of the upward wave from the $0.0136 low to $0.0152 high is also near the $0.0145 level.
If there is a downside break below the $0.0144 level and the 55 simple moving average (4-hours), the price could continue to decline in the coming sessions. The next major support is near the $0.0142 level, followed by $0.0140.
On the upside, the $0.0152 level is a major hurdle for the bulls. A clear break above the $0.0152 resistance might set the pace for more upsides in the near term. The next barrier is at $0.0155, above which it could test $0.0160.
The chart indicates that TRX price is trading in a positive zone and a clear break above $0.0152 is likely to set the pace for a push to $0.0160 and $0.0165.
4 hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is currently well above the 60 level.
Key Support Levels – $0.0145 and $0.0142.
Key Resistance Levels – $0.0152, $0.0155 and $0.0160.
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