- Tron initiated a strong rally after finding support above $0.0250
- TRX/USD rallied to $0.0300 before trimming the gains to test the 55-day SMS
- The coin broke above a key bearish pattern at $0.0258 on the 4-hour chart
Tron News Today – the price of Tron managed to surge towards $0.0300. It recently declined against the USD. TRX price remains well supported above $0.0250. The price of the digital asset started going higher strongly from $0.0250 which is a support zone. It broke $0.0265 and $0.0270 which are both resistances to enter a positive zone.
The coin had a break above a key bearish pattern with resistance at $0.0258 via the 4-hour chart. The bulls managed to gain momentum for a strong move above the 55-day SMA on the 4-hour chart and towards the $0.0300 area. The coin didn’t test the $0.0300 resistance area. TRX/USD will likely start a fresh increase if it stays above $0.0255 and $0.0250.
Tron Formed a New High at $0.0291
Tron formed a new high price position near the $0.0291 area before it saw a sharp drop. Tron trimmed most of the gains it posted and traded below $0.0265. It formed a low near $0.0258. The price is trading above the 55-day simple moving average via the 4-hour chart. There is an initial resistance is near $0.0265 or the 23.6% Fib retracement position via the last drop from $0.0291 to $0.0258. Tron’s first major resistance upward is near $0.0275. The 50% Fib retracement area of the recent drop from $0.0291 to $0.0258 is also near $0.0275. A clear break above $0.0275 which is a key resistance area might clear the way for a test of $0.0300 in the near term outlook.
What do the Technical Indicators Say?
Looking at the downside, the 55-day SMA simple via the 4-hour time frame is initial support. The next support is the $0.0255 area. The first major support is close to the $0.0250 price position. Below this point, the bulls could struggle if they attempt to protect $0.0240 (also a support region). The chart shows that the price of TRX trimmed most gains from a high of $0.0291.
However, the price of the coin will likely start a fresh rise if it remains above $0.0250 and $0.0255 in the near term outlook. The MACD pattern for TRX/USD is reportedly showing some positive signals in the bullish territory. Meanwhile, the RSI for the TRX/USD pair is still above level 40, with a positive angle. The digital asset has key support at $0.0255 and $0.0250. Its major resistances are at $0.0265, $0.0275, and $0.0300.
In the long term, the digital currency seems bullish and events surrounding it are also contributing to the sharp rise.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.