Tron Price Analysis: TRX/USD bounces off key support range
|- TRX/USD utilizes support at the ascending channel as well as the buyer congestion zone to stage a recovery.
- Tron price encounters a choppy market as consolidation begins between $0.0150 and $0.0164.
Tron is trading at $0.01615 after finding support at the ascending trendline aided by a key support range; $0.0150 - $0.0155. The bulls are aiming for the resistance at $0.0165 amid increasing buying activity.
The choppy price movements between $0.0150 support and the critical resistance at $0.0164 seem to be supported by the RSI’s horizontal motion at 55. However, the MACD’s downward movement and the bearish divergence hint that selling influence is still present and could overshadow the buyers’ efforts. In this case, a reversal to the key support range is still on the table.
Besides, the afore-mentioned support areas, Tron could seek more refuge at the 50 SMA in the 4-hour range as well as at the 100 SMA. Other key levels to keep in mind include $0.0140 (former resistance zone) and $0.0120 (former support zone).
TRX/USD 4-hour chart
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