- Tron price is gaining bullish momentum above the $0.0160 resistance against the US Dollar.
- TRX price is likely to surpass the $0.0172 and $0.0175 resistance levels in the near term.
- There is a significant bullish trend line forming with support near $0.0161 on the 4-hours chart (data feed via Bitfinex).
- The price could correct a few points, but it remains well supported near the $0.0155 level.
TRON price is trading in a steady uptrend against the US Dollar and bitcoin. TRX price is likely to accelerate gains once it clear the $0.0172 resistance area.
Tron Price Analysis
In the past few days, there was a steady rise in TRON price from the $0.0140 support area against the US Dollar. TRX price broke the key $0.0155 resistance area to move into an uptrend. Moreover, there was a close above the $0.0155 resistance and the 55 simple moving average (4-hours). Finally, the price gained pace above the key $0.0160 and $0.01620 resistance levels. A new monthly high was formed near $0.0175 and the price recently corrected lower.
It traded below the $0.0165 support and tested the next key support near the $0.0155. A swing low was formed near $0.01559 and the price is currently climbing higher. It broke the $0.01650 resistance, plus the 50% Fibonacci retracement level of the recent decline from the $0.0175 high to $0.0155 low. At the moment, the price is facing resistance near the $0.0168 level.
It seems like the 61.8% Fibonacci retracement level of the recent decline from the $0.0175 high to $0.0155 low is acting as a resistance. If there is an upside break above $0.0168, the price could even break the $0.0172 resistance level. Any further gains may perhaps set the pace for a move towards the $0.0180 level in the coming days. On the downside, there are many supports near the $0.0162 and $0.0160 levels.
Moreover, there is a significant bullish trend line forming with support near $0.0161 on the 4-hours chart. Below the trend line, the next key support is near the $0.0155 level. To start a major downside correction, the bears need to push the price below the $0.0150 level, with a daily close below the 55 simple moving average (4-hours).
The chart indicates that TRX price is clearly trading in a steady uptrend above the $0.0160 support area. Therefore, there are high chances of more gains above $0.0172 and $0.0175 in the near term.
4 hours MACD - The MACD for TRX/USD is gaining momentum in to bullish zone.
4 hours RSI - The RSI for TRX/USD is currently moving higher towards the 70 level.
Key Support Levels - $0.0160 and $0.0155.
Key Resistance Levels - $0.0172, $0.0175 and $0.0180.
The post Tron (TRX) Price Analysis: Uptrend Gaining Pace Above $0.0160 appeared first on Live Bitcoin News.
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