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HomeAltcoin NewsTron (TRX) Price Analysis: Bulls Aim Another Rally To $0.085

Tron (TRX) Price Analysis: Bulls Aim Another Rally To $0.085

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  • Tron price started a fresh increase from the $0.0725 level against the US Dollar.
  • TRX price is now trading below $0.0780 and the 55 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $0.0770 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to move up if it breaks the $0.078 resistance zone.

TRON price started a fresh increase above $0.0755 against the US Dollar, similar to Bitcoin. TRX’s price could rise further if it clears the $0.078 resistance.

Tron Price Analysis

After a downside correction, Tron price found support near the $0.0760 zone against the US Dollar. TRX’s price formed a base and recently started a fresh increase from the $0.0762 low.

There was a break above the $0.0770 and $0.0775 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.0804 swing high to the $0.0762 low. TRX is now trading below $0.078 and the 55 simple moving average (4 hours).

There is also a major bullish trend line forming with support near $0.0770 on the 4-hours chart. On the upside, TRX is facing resistance near the $0.0782 level. It is close to the 50% Fib retracement level of the downward move from the $0.0804 swing high to the $0.0762 low.

The next major resistance is near the $0.080 level. A close above $0.080 could send the price toward the $0.0820 resistance zone.

Any more gains might send TRX price toward $0.0832, above which the price could even rise toward $0.085. On the downside, initial support is near the $0.077 level and the trend line. The next major support is now forming near $0.0760.

If there is a downside break below the $0.0760 support, the price might revisit the $0.0720 support. Any more losses might call for a move toward the $0.070 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX’s price is now trading below $0.078 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.080 resistance zone.

Technical Indicators

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

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

Key Support Levels – $0.077 and $0.076.

Key Resistance Levels – $0.078, $0.082, and $0.085.

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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