TRON price is showing a few positive signs above $0.0158 against the US Dollar, similar to bitcoin. However, TRX price must break the $0.0168 resistance to start a fresh increase in the near term.
Tron Price Analysis
This past week, TRON price extended its decline below the $0.0155 support against the US Dollar. TRX price even broke the $0.0152 support and settled below the 55 simple moving average (4-hours).
Finally, it spiked below the $0.0150 level and traded as low as $0.0149. It is currently recovering higher and trading above the $0.0155 pivot level. There was a clear break above the 50% Fibonacci retracement level of the downward move from the $0.0168 high to $0.0149 swing low.
Tron price is now trading above the $0.0160 level and the 55 simple moving average (4-hours). However, the bulls are facing hurdles near the $0.0163 level, plus the 76.4% Fibonacci retracement level of the downward move from the $0.0168 high to $0.0149 swing low.
There is also a major bearish trend line forming with resistance near $0.0163 on the 4-hours chart. If there is a clear break above the $0.0163 and $0.0165 resistance levels, the price could continue to rise.
The main hurdle is near the $0.0168 level, above which the price might surge above the $0.0170 and $0.0172 levels. Conversely, the price could decline again below $0.0160.
The 55 SMA might provide support, but the price could accelerate if it breaks $0.0158. The next main support is now near $0.0155, below which the price is likely to revisit the $0.0150 level.
The chart indicates that TRX price is clearly approaching a couple of important hurdles near $0.0165 and $0.0168 levels. If it fails to continue higher, there is a risk of a fresh decline. On the other hand, the price may perhaps climb above $0.0170 in the near term.
4 hours MACD – The MACD for TRX/USD is currently losing momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is now well above the 50 level.
Key Support Levels – $0.0158 and $0.0155.
Key Resistance Levels – $0.0165, $0.0168 and $0.0170.
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