Tron technical analysis today shows that the previous strong support has now turned into resistance around $0.02536-$0.02566 price level.
Let's look at the insights of Tron price analysis 2019 on its Hourly (4H)-timeframe chart.
TRX/USD moved 6%+ on a trend-line retest around $0.02433.It didn't break the 200H-Moving Average after testing it and trading under Ichimoku cloud which is quite bearish. Also, there is a bearish crossover of 10H and 20H EMA’sand price couldn’t break above even 10H EMAs recently.
We are slightly getting a confirmation that previous support around $0.02536-$0.02566 price level, is acting as resistance. After trading below, It tried to break the level but couldn’t and closed below today. Tron's Elliott wave theory depicts that Tron wave next support will be around $0.02170-$0.02254.
MACD is slightly turning bullish as well as Stoch-RSI is showing bullish signs which might cause the price jump in the coming days. But challenging S/R flip area along with immediate resistance (red bar) is necessary to break for Tron analysis meaning with bullish sentiments.
Overall, TRON (TRX/USD) needs to break certain levels as soon as possible to turn into a bullish structure.
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