- TRX is trading at $0.0140 as it posts gains
- Tron has a major bullish pattern via the 4-hour chart
- Tron’s price could correct in the short term
Tron News Today – a close look at the daily chart for Tron shows that in the last few days, the coin has seen a steady rise in its price. It has now moved above the $0.0105 resistance area against the USD. The TRX price also broke the important $0.0120 resistance point and the 55 SMA via the 4-hour chart to enter a positive region.
Tron posted a move above the $0.0132 resistance area and its price has traded to a new high price of $0.0140. The coin is currently correcting under the $0.0140 and trading under the $0.0138 area.
Tron Created a Major Bullish Pattern via the 4-hour chart
There is an initial support area near the $0.0135 level for the TRX/USD. Besides, the 23.6% Fib retracement area of the recent increase from $0.0118 to $0.0140 is also close to the $0.0135 support position. If there are any more downsides for the coin, the price of the digital asset could decline to the $0.0130 support point.
The 50% Fib retracement point via the recent rise from $0.0118 to $0.0140 is near the $0.0129 area. This position will act as a support region. More importantly, there’s another major bullish pattern forming for the coin with support close to the $0.0128 area via the 4-hour chart.
Tron is Trading in Positive Zone After the Recent Break
Going by the above analysis, if there are any dips in the price of Tron, then it will be well supported near $0.0130 and $0.0128. If there any further losses, this could lead the price of the digital asset to the $0.0120 support. Looking at the upside, there is an initial resistance close to the $0.0140 position.
A successful break over the recent high may open the door for a move to the $0.0150 position. If there are any further gains, it could make the price of Tron towards the $0.0165 barrier. Looking at the hourly chart, we can that the TRX price is trading in a positive area. The zone is above the $0.0120 and $0.0128 positions. Hence, if there’s no close beneath the $0.0120, the TRX/USD bulls will likely remain in play in the near term.
The MACD pattern for the TRX/USD pair is slowly losing momentum and resides in the bullish region. The RSI for the TRX/USD pair, on the other hand, is currently correcting lower. This move is just above the 70 area. Tron’s key support areas include $0.0130 and $0.0128. The coin’s key resistance positions include $0.0140, $0.0150 and $0.0165.