Tron price jumped higher after forming a support base near $0.0255. TRX is currently trading with a lot of strength and it may continue to perform better than bitcoin, Ethereum and ripple.
Key Talking Points
- Tron price climbed higher recently and remained above the $0.0255 support (Data feed of Binance) against the US Dollar.
- There was a break above a crucial bearish trend line with resistance at $0.0261 on the 4-hours chart.
- TRX price is currently correcting lower, but it remains well supported near $0.0262 and $0.0258.
TRON Price Analysis (TRX)
The past few hours were positive for tron price as it made a nice upward move above the $0.0260 resistance against the US dollar. The TRX/USD pair gained traction and traded above the $0.0280 level before starting a downside correction.
Looking at the chart, TRX price started a downside correction from the $0.0315 swing high in late January 2019. It declined below $0.0280 and $0.0260 support levels, but buyers were able to defend the $0.0250 support area.
Later, the price formed a solid support base near $0.0250 and started consolidating. Finally, there was an upside break above the $0.0260 resistance and the 100 simple moving average (4-hours).
Moreover, there was a break above a crucial bearish trend line with resistance at $0.0261 on the 4-hours chart. The price even traded above the $0.0280 and $0.0290 levels before topping around the $0.0294 level.
Tron price is currently correcting lower and traded near the 50% Fib retracement level of the last wave from the $0.0243 low to $0.0294 high. However, there are many supports on the downside near the $0.0265 and $0.0260 levels.
Besides, there is a bullish trend line and the 61.8% Fib retracement level of the last wave from the $0.0243 low to $0.0294 high near the $0.0258 level. Therefore, dips in TRON remains supported above the $0.0255 pivot level. It seems like TRX price may continue to perform better than litecoin, bitcoin, Ethereum, ripple and EOS in the short term.
The market data is provided by TradingView.