- Tron price started an upside correction after trading as low as $0.0131 against the US Dollar.
- TRX price is currently trading above the $0.0140 level, but it is facing many resistances.
- There is a major bearish trend line forming with resistance near $0.0160 on the 4-hours chart (data feed via Bitfinex).
- The price could continue to correct higher, but upsides are likely to be capped by $0.0160 and $0.0161.
TRON price is currently trimming recent losses against the US Dollar and bitcoin. TRX price must break the $0.0160 resistance area to start a solid rise towards $0.0200.
Tron Price Analysis
In the past two weeks, there was a strong downward move in TRON price below the $0.0184 and $0.0172 support levels against the US Dollar. Moreover, TRX price traded below the $0.0160 support and the 55 simple moving average (4-hours).
It opened the doors for more losses below the $0.0150 level. Finally, the price traded to a new monthly low at $0.0131 before the price started an upside correction.
Similarly, there were corrective moves in bitcoin, Ethereum and ripple declined heavily in the past two sessions. Tron is now trading above the $0.0140 level. Additionally, there was a break above the 23.6% Fibonacci retracement level of the recent decline from the $0.0190 high to $0.0131 low.
The price even climbed above a connecting bearish trend line with resistance near $0.0145 on the 4-hours chart. However, there are still many key resistances on the upside, starting with $0.0155.
The main resistance is near the $0.0160 level and the 55 simple moving average (4-hours). Besides, the 50% Fibonacci retracement level of the recent decline from the $0.0190 high to $0.0131 low is near the $0.0160 level.
More importantly, there is another bearish trend line forming with resistance near $0.0160 on the same chart. Therefore, a successful close above the $0.0160 and $0.0161 resistance levels is must for a trend change.
The next key resistance above $0.0161 is near the $0.0172 level. Conversely, the price might struggle to climb above $0.0155 and $0.0160. In the mentioned case, the price is likely to resume its decline below $0.0140.
The chart indicates that TRX price is correcting losses from $0.0131, but the bulls are likely to face a strong selling interest near the $0.0160 zone. If they fail to gain strength above $0.0160, the price will mostly like decline below $0.0145 and $0.0140.
4 hours MACD - The MACD for TRX/USD is slowly gaining momentum in the bullish zone.
4 hours RSI - The RSI for TRX/USD is currently rising and it is near the 50 level.
Key Support Levels - $0.0145 and $0.0140.
Key Resistance Levels - $0.0155, $0.0160 and $0.0172.
The post Tron (TRX) Price Analysis: Springs Up; $0.0160 Presents Resistance appeared first on Live Bitcoin News.