Tron (TRX) Price Analysis: Trading Near Make-or-Break Levels
- Tron price is facing a major resistance near the $0.0155 level against the US Dollar.
- TRX price could start a strong increase if there is a clear break above the $0.0155 barrier.
- There is a key contracting triangle forming with resistance near $0.0155 on the 4-hours chart (data feed via Bitfinex).
- The price also dive significantly if it fails to stay above the $0.0148 support zone.
TRON price is showing positive signs against the US Dollar, similar to bitcoin. However, TRX price must gain pace above the $0.01550 level to continue higher in the near term.
Tron Price Analysis
This past week, TRON price found support near the $0.0135 level and started a fresh increase against the US Dollar. TRX price surpassed a couple of key hurdles near $0.0148 to enter a positive zone.
Besides, there was a close above the $0.0150 level and the 55 simple moving average (4-hours). However, the price seems to be facing a major hurdle near the $0.0155 level (the last breakdown zone).
A high is formed near $0.0155 and the price is currently consolidating in a range. An initial support is seen near the $0.0148 level. It is close to the 23.6% Fibonacci retracement level of the recent wave from the $0.0130 low to $0.0155 high.
More importantly, there is a key contracting triangle forming with resistance near $0.0155 on the 4-hours chart. The 55 simple moving average (4-hours) is also just below the triangle support zone.
If there is a downside break below the triangle support and $0.0148, there is a risk of a fresh bearish wave. The next major support is near the $0.0140 level, below which tron price might continue to decline towards the main $0.0135 support zone.
Conversely, the price could start a strong increase above the $0.0154 and $0.0155 resistance levels. The next key resistance is near the $0.0160 level, above which the price is likely to accelerate higher towards the $0.0165 and $0.0166 resistance levels in the coming sessions. Any further gains could open the doors for a push towards the $0.0180 resistance zone.
The chart indicates that TRX price is clearly trading near make-or-break levels below the $0.0155 resistance. Therefore, it could either start a strong rally above $0.0155 or decline heavily below the $0.0148 support zone.
4 hours MACD – The MACD for TRX/USD is likely to gain pace in the bullish zone.
4 hours RSI – The RSI for TRX/USD is currently just above the 50 level.
Key Support Levels – $0.0148 and $0.0140.
Key Resistance Levels – $0.0155, $0.0160 and $0.0166.
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