September 4, 2020
TRX price was up over 5% in comparison to bitcoin which was down over 5% against the USD. TRX is at present testing a vital resistance level near 0.0385 USD, however, it may correct lower in the short-term.
Tron Price Leaps 5%
In the last few trading sessions, TRX price followed a bullish climb to over the 0.0300 USD level against the US Dollar, and it outperformed Bitcoin and Ethereum. TRX even overcame the 0.0350 USD resistance point and established itself well over the 100 simple moving average (4-hours).
TRX’s price traded to a new weekly record at 0.0386 USD and is now consolidating its gains. Initial support is close to the 0.0370 USD level. It is almost at the 23.6% Fib retracement level of the recent surge from the 0.0316 USD low to 0.0386 USD high.
The first significant support on the downturn is close to the 0.0350 USD level (the breakout zone). There is also a vital bullish connecting trend line developing with support close to 0.0350 USD on the 4-hour chart of the TRX/USD pair.
Chart created using https://www.tradingview.com/
The trend line is sync with the 50% Fib retracement level of the recent surge from the 0.0316 USD low to 0.0386 USD high. On the upturn, TRX is confronting a significant obstacle close to the 0.0385 USD level. If the bulls effectively break the 0.0385 USD resistance level, the price could once again surge.
The next key resistance is close to the 0.0400 USD level, above which the bulls are probably going to set their sights on a larger increase towards the key 0.0500 USD point over the next few days.
Downtrends Likely to Be Minimal in TRX.
If the price of TRX can not clear the 0.0385 USD obstacle, it could correct lower. Initial support is close to the 0.0350 USD level, at this point, we are likely to see the bulls appear.
It appears likely that any downtrends will probably remain supported, however, any losses beneath 0.0350 USD might drive the price towards the 0.0320 USD support level in the short-term.
4-hour MACD (Moving Average Convergence Divergence) – The MACD for TRX/USD is gaining strength towards a bullish territory.
4-hour RSI (Relative Strength Index) – The RSI for TRX/USD is at the present well in the overbought sector.
Key Support Levels – 0.0370 USD, 0.0350 USD, and 0.0320 USD.
Key Resistance Levels – 0.0385 USD, 0.0400 USD and 0.0420 USD.
Fundamental Analyst for Global Markets
James has over 20 years of experience trading FX, cryptocurrencies and investments products for a range of investment banks and brokers
He spent the last 10 years analyzing and writing about foreign exchange, crypto-currencies and the global financial markets
He has also spoken at a range of conferences around the globe on various financial topics.