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HomeAltcoin NewsTron (TRX) Price Analysis: Bullish Signal Above This Hurdle

Tron (TRX) Price Analysis: Bullish Signal Above This Hurdle

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  • Tron price started a fresh increase above the $0.0535 level against the US Dollar.
  • TRX price is now trading above $0.0535 and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $0.0545 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to move up if it breaks the $0.0560 resistance zone.

TRON price started a fresh increase above $0.0535 against the US Dollar, similar bitcoin. TRX price could rise further if it clears the $0.056 resistance.

Tron Price Analysis

Recently, tron price retested the key $0.0520 support zone against the US Dollar. TRX price remained well bid and started a decent increase from the $0.052 zone.

It traded above the $0.0532 and $0.0535 resistance levels to move into a positive zone. There was a clear move above the 50% Fib retracement level of the downward move from the $0.0575 swing high to $0.05185 low. Besides, there was a break above a key bearish trend line with resistance near $0.0545 on the 4-hours chart.

The price is now trading above $0.0535 and the 55 simple moving average (4-hours). On the upside, TRX is facing resistance near the $0.0555 level.

The 61.8% Fib retracement level of the downward move from the $0.0575 swing high to $0.05185 low is also near the $0.0555 level. The first major resistance is near the $0.056 level. A close above $0.056 is must for a fresh increase. In the stated case, the price could rise towards the $0.0575 resistance in the near term.

Any more gains might send trx price towards $0.060. On the downside, an initial support is near the $0.0542 level or the 55 simple moving average (4-hours). The next major support is now forming near $0.0535.

If there is a downside break below the $0.0535 support, the price might revisit the $0.0520 support. Any more losses might call for a move towards the $0.0500 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.0540 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it breaks the $0.0560 resistance zone.

Technical Indicators

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 above the 50 level.

Key Support Levels – $0.0540 and $0.0520.

Key Resistance Levels – $0.0555, $0.056 and $0.060.

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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