TRON price declined recently before buyers emerged above key supports against the US Dollar and Bitcoin. TRX could gain pace once it breaks the $0.0248 and $0.0250 resistance levels.
Recently, there was a strong rise in TRON price above the $0.0250 and $0.0270 resistances against the US Dollar. The TRX/USD pair even broke the $0.0275 level and formed a high at $0.0279. Later, there was a sharp decline and the price broke the $0.0270 and $0.0255 support levels. Sellers even pushed the price below the $0.0250 support and the 55 simple moving average (4-hours). A low was formed at $0.0227 and later the price started a decent recovery.
It moved above the $0.0240 level and the 23.6% Fibonacci retracement level of the last decline from the $0.0279 high to $0.0227 low. At the moment, the price is trading above the $0.0240 support and forming the next breakout pattern. More importantly, there is a short term contracting triangle in place with resistance at $0.0248 on the 4-hours chart. Above the triangle resistance, the next resistance is near the $0.0252 level and the 55 simple moving average (4-hours). Finally, the 50% Fibonacci retracement level of the last decline from the $0.0279 high to $0.0227 low is at $0.0253.
If the price continues to move higher, it could break the $0.0252 and $0.0253 resistance levels very easily. On the other hand, if there is a downside break below the $0.0240 support, the price may face an increase in selling pressure. In the mentioned bearish scenario, the price could revisit the $0.0220 level. An intermediate support is near the $0.0225 level.
The chart indicates that TRX price is preparing for a solid comeback above the $0.0250 and $0.0252 resistance levels. The key hurdle for buyers is near the $0.0255 level, above which the price may revisit the $0.0270 level. If buyers fail to gain pace above the $0.0250 level, the price may decline back towards $0.0240 and $0.0225.
4 hours MACD – The MACD for TRX/USD is currently showing positive signs in the bullish zone.
4 hours RSI – The RSI for TRX/USD is currently above the 42 level and it could break the 50 level.
Key Support Levels – $0.0240 and $0.0220
Key Resistance Levels – $0.0250, $0.0252 and $0.0253.