Read Сryptocurrency News



Tron (TRX) Rally Unwinds, But Buyers Still In Control

Tron (TRX) Rally Unwinds, But Buyers Still In Control
Copyright on text and image: LiveBitcoinNews.com
  • Tron price rallied recently and traded above the $0.0275 and $0.0340 resistances against the US Dollar.

  • There is a major bullish trend line in place with support at $0.0240 on the 4-hours chart (data feed via Bitfinex).

  • The price remains supported near $0.0240 and $0.0220 and it could soon bounce back above $0.0280.


  • Tron price blasted higher this week above $0.0300 and later trimmed most gains against the US Dollar and Bitcoin. TRX still remains supported and it may soon climb higher again.


    Tron Price Analysis


    This week, there was a sharp upward move from the $0.0220 support in tron price against the US Dollar. The TRX/USD pair gained traction and broke the $0.0275 and $0.0340 resistance levels. The price traded close to the $0.0360 level and a high was formed at $0.0357. Later, bitcoin, Ethereum and ripple declined heavily and dragged tron into a bearish zone. It broke the $0.0320 and $0.0300 support levels. Moreover, there was a break below the 50% Fibonacci retracement level of the last wave from the $0.0191 low to $0.0357 high.

    However, the decline was protected by the $0.0250 and $0.0240 support levels. There is also a major bullish trend line in place with support at $0.0240 on the 4-hours chart. The trend line coincides with the $0.0242 pivot and the 55 simple moving average (4-hours). Finally, the 61.8% Fibonacci retracement level of the last wave from the $0.0191 low to $0.0357 high is also at $0.0254. Therefore, as long as the price is above the $0.0240 and $0.0220 support levels, it could resume its bullish moves. On the upside, an initial resistance is at $0.0275 and $0.0280. A close above $0.0280 may trigger moves above $0.0300 in the near term.

    Tron (TRX) Rally Unwinds, But Buyers Still In Control


    The chart indicates that TRX price is still trading above key supports near $0.0240 and 55 simple moving average (4-hours). Buyers could make another run and lead the price towards $0.0300 and $0.0320.


    Technical Indicators


    4-hours MACD – The MACD for TRX/USD is moving back in the bullish zone, with a positive bias.

    4-hours RSI – The RSI for TRX/USD is still above the 50 level, with a flat structure.

    Key Support Level – $0.0240

    Key Resistance Level – $0.0280



    This article was automatically published by our aggregator and may not contain important advanced information, such as links, images, user tweets and much more. Also, we inform you that the project IntoCryptoNews (ICN Aggregator) - is not the author of this article and may not support the author's opinion of the original article. We strongly recommend that you read the original article on the site:

    LiveBitcoinNews.com




    Add comment




    TOP CRYPTO NEWS TODAY


    Latest Video News


    Price Analysis from CryptoGlobe.com


    Popular For The Week


    latest Press Releases