- Tron is trading close to make or break levels
- TRX price is facing resistance at the $0.0155 area
- Tron could see a strong increase if it breaks $0.0.0155
Tron News Today – the price of Tron is currently facing a major resistance at the $0.0155 position against the USD. The price of TRX could initiate a strong increase in value if it manages to stage a clear break above the $0.0155. There’s also a key contracting triangle with resistance at $0.0155 forming on the 4-hour chart of TRX/USD.
The price of Tron could also dive significantly if the bulls fail to keep it above the $0.0148 support area. Tron is currently showing positive signs against the USD which is similar to Bitcoin. Note that the TRX price must gain momentum above the $0.01550 area to succeed in any attempt to move higher in the near-term outlook.
The Price of Tron Found Support at $0.0135
Since last week, Tron’s price found support at $0.0135 and started another increase. The price of TRX surpassed several key hurdles at $0.0148 to trade in a positive area. There was a close above $0.0150 and the 55-day SMA via the 4-hour chart.
However, the TRX price appears to be facing another major hurdle near $0.0155 (which is the last breakdown position). A high was also formed near the $0.0155 position and the coins’ price is now consolidating in this range. There is initial support near the $0.0148 area. This point is also close to the 23.6% Fib retracement via the recent wave from $0.0130 to $0.0155.
There is an important contracting triangle with resistance near the $0.0155 via the 4-hour chart of the pair. The 55-day SMA is also below the above-mentioned triangle support position.
A Downside Break Below $0.0148 Could Trigger Bearish Action
A downside break beneath the triangle support and the $0.0148 area will probably result in a fresh bearish wave. The major support that follows will be near $0.0140. Below this point, Tron’s price may continue declining to the $0.0135 support. The price could, on the other hand, start a strong increase above $0.0154 and $0.0155 both of which are resistance positions. $0.0165 and $0.0166 are the next key resistance areas.
Further gains could open doors for a fresh push to $0.0180 which is a resistance zone. The daily chart also indicates that TRX is clearly near make-or-break levels and below the key resistance of $0.0155. Hence, the coin could start a strong rally above $0.0155. On the other hand, it could decline below $0.0148. The 4-hour chart shows that the MACD pattern for Tron is currently in the bull territory and will likely gain pace there. RSI for the TRX/USD pair is now above 50. Tron’s key support areas seat at $0.0148 and $0.0140. Meanwhile, its resistance points are at $0.0155, $0.0160 and $0.0166.