HomeAltcoin NewsTron (TRX) Price Analysis: Breakout Zone Near $0.1020

Tron (TRX) Price Analysis: Breakout Zone Near $0.1020

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  • Tron price is forming a base above the $0.0850 zone against the US Dollar.
  • TRX price is now trading above $0.0900 and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $0.0900 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a major increase if there is a clear break above the $0.1020 resistance.

TRON price remained well bid above $0.0850 against the US Dollar, similar to bitcoin. TRX price is rising, but it must clear $0.1020 for more upsides.

Tron Price Analysis

After a major decline, tron price found support near the $0.0825 level against the US Dollar. TRX price started a steady increase and it was able to clear the $0.0900 resistance zone.

There was a break above a key bearish trend line with resistance near $0.0900 on the 4-hours chart. The pair was able to settle above the $0.0900 level and the 55 simple moving average (4-hours). It even surpassed the 23.6% Fib retracement level of the key decline from the $0.1228 swing high to $0.0825 low.

It is now facing resistance near the $0.1000 level. The first major resistance is near the $0.1020 level. It is near 50% Fib retracement level of the key decline from the $0.1228 swing high to $0.0825 low.

A close above $0.1000 and $0.1020 is must for a fresh increase. In the stated case, the price could rise towards the $0.1200 resistance in the near term. On the downside, an initial support is near the $0.0920 level. The first major support is now forming near $0.0900 and the 55 simple moving average (4-hours).

Any more losses might call for a sharp decline towards the $0.0820 level. The next major support below $0.0820 could be near the $0.0750 zone. Any more losses could lead the price towards the $0.0620 level in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.0900 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $0.1020 resistance.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly losing momentum in the bullish zone.

4 hours RSI – The RSI for TRX/USD is now above the 50 level.

Key Support Levels – $0.0920 and $0.0900.

Key Resistance Levels – $0.1000, $0.1020 and $0.1200.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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