Tron price rallied recently above the $0.0325 and $0.0342 resistance levels against the US Dollar.
TRX price traded as high as $0.0358 before it corrected lower sharply below $0.0340.
There was a break above a major bearish trend line with resistance near $0.0322 on the 4-hours chart (data feed via Bitfinex).
The price remains well supported on the downside and it could rise again towards $0.0355 or $0.0362.
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Coinspeaker Telegram Argues that Its Gram Token Is Not SecurityTelegram’s launch of its TON blockchain and GRAMS token has hit yet another brick wall because the United States Securities and Exchange Commission (SEC) has taken the issue of the launch of their tokens before a court. In a filing two days ago, the messenger app […]
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TRON price is showing a few positive signs against the US Dollar, but under pressure vs bitcoin. TRX price could grind higher once again towards the $0.0355 level as long as it is above $0.0325.
Tron Price Analysis
There was a decent support formed by TRON price above $0.0310 against the US Dollar. The TRX/USD pair started a decent rise after forming a swing low at $0.03107. It broke the key $0.0320 and $0.0325 resistance levels to move into a positive zone. Moreover, there was a proper close above the $0.0325 level plus the 55 simple moving average (4-hours).
More importantly, there was a break above a major bearish trend line with resistance near $0.0322 on the 4-hours chart. The pair rallied above the $0.0340 and $0.0350 levels. A new weekly high was formed near $0.0358 before the price started a major downside correction. It traded below the $0.0345 support and the 23.6% Fibonacci retracement level of the last wave from the $0.0310 low $0.0358 high.
However, the $0.0334 level acted as a strong support. It represents the 50% Fibonacci retracement level of the last wave from the $0.0310 low $0.0358 high. Moreover, the price stayed well above the $0.0325 pivot level and the 55 simple moving average (4-hours). It is currently consolidating gains above the $0.0334 level. On the upside, there are a few important resistances near $0.0347 and $0.0350.
If there is an upside beak above $0.0350, there are chances of a strong rise above the $0.0360 and $0.0362 levels. On the downside, the key support is near the $0.0334 level. If there is a downside break below $0.0334, the price could test the main support near the $0.0325 level and the 55 simple moving average (4-hours).
The chart indicates that TRX price is trading with a positive bias and it could rise again towards $0.0350 and $0.0355. However, if it fails to stay above the 55 simple moving average (4-hours) and $0.0325, there could be a fresh drop towards $0.0300.
4 hours MACD – The MACD for TRX/USD is gaining pace in the bullish zone.
4 hours RSI – The RSI for TRX/USD is currently above the 50 level, with a bullish angle.
Key Support Levels – $0.0334 and $0.0325.
Key Resistance Levels – $0.0347, $0.0350 and $0.0358.
The post Tron (TRX) Price Analysis: Signs of Fresh Increase Above $0.0355 appeared first on Live Bitcoin News.
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