- 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.
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.
