Crypto Analysis

Tron (TRX) Resumes Rally, Price Could Retest $0.030-0.0320

Tron price corrected lower this past week after a monster rally to $0.0350. TRX tested the $0.0220 support, bounced back, and it could now accelerate to $0.0300 or $0.0320.

Key Talking Points

  • Tron price found support near $0.0220 and bounced back (Data feed of Binance) against the US Dollar.
  • There was a break above a crucial bearish trend line with resistance at $0.0230 on the 4-hours chart.
  • TRX price is back in an uptrend and it may continue to grind higher towards $0.0280 and $0.0300.

Tron Price Analysis

In the last analysis, we saw a nasty upward move in tron price above $0.0300 against the US dollar. The TRX/USD pair did test the $0.0350 zone and later started a sharp downside correction.

Tron Price Analysis TRX Chart

Looking at the chart, TRX price declined heavily from the $0.0357 swing high and traded below the $0.0300 and $0.0250 support levels. However, the previous pivot area near $0.0220 acted as a solid support and prevented further losses.

A low was formed at $0.0211 and later there was a decent upside reaction. Buyers cleared the $0.0230 resistance and the 100 simple moving average (4-hours). Besides, there was a break above the 23.6% Fib retracement level of the last crucial decline from the $0.0357 high to $0.0211 low.

More importantly, there was a break above a crucial bearish trend line with resistance at $0.0230 on the 4-hours chart. The price gained traction above the $0.0240 level and it traded close to $0.0270.

The current price action indicates that the price is back in a positive zone above $0.0230. The next stop for buyers could be $0.0284. It represents the 50% Fib retracement level of the last crucial decline from the $0.0357 high to $0.0211 low.

Overall, TRX buyers are back in action and it seems like there could be more gains towards $0.0280 and $0.0300 in the coming days. Conversely, if there is a downside correction, tron is likely to find a strong buying interest near the $0.0250 and $0.0240 support levels, below which the next stop is the 100 SMA (4-hours).

The market data is provided by TradingView.

About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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