Tron price performed really well recently and climbed above the $0.0285 and $0.0300 resistances. TRX is placed in a solid uptrend and it could extend gains versus the USD and bitcoin.
- Tron price formed a support base above $0.0245 and rallied above $0.0300.
- There is a new bullish breakout pattern forming with support near $0.0295 on the 2-hours chart.
- TRX price is likely to remains supported and it could climb again above $0.0315 and $0.0325.
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Tron Price Analysis (TRX to USD)
This week, there was the start of a strong upward move in tron price above the $0.0250 resistance area against the US dollar. TRX price is up more than 10% and it recently traded above the $0.0315 resistance area.
Click to Enlarge Chart
Looking at the 2-hours chart of TRX/USD, the pair started a strong rise from the $0.0255 swing low. It broke the $0.0262 and $0.0285 resistance levels to move into an uptrend. Later, the price struggled to break the $0.0295 and $0.0300 resistance levels.
However, buyers finally had the upper hand and the price broke the $0.0300 resistance area. There was even a close above the $0.0300 level and the 25 simple moving average (2-hours).
The price climbed above the $0.0315 resistance and it recently traded to a new multi-month high at $0.0320. It is currently correcting gains and traded below the 50% Fib retracement level of the latest ride from the $0.0277 low to $0.0320 high.
However, the $0.0295 support and the 25 simple moving average (2-hours) acted as a solid support. Besides, there was no close below the 61.8% Fib retracement level of the latest ride from the $0.0277 low to $0.0320 high.
At the outset, there is a new bullish breakout pattern forming with support near $0.0295 on the same chart. As long as TRON is trading above the $0.0295 support level, there are chances of a fresh rise above the $0.0315 and $0.0320 levels.
On the other hand, if TRX price declines below the $0.0295 support, it could revisit the $0.0277 swing low. In the mentioned case, tron price may even test the $0.0267 level, which is the 1.236 Fib extension level of the latest ride from the $0.0277 low to $0.0320 high.
The market data is provided by TradingView, Binance.
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