31.3 C
Dubai
Tuesday, May 28, 2024
HomeAltcoin NewsTron (TRX) Price Analysis: Bulls Aim For Key Bullish Break

Tron (TRX) Price Analysis: Bulls Aim For Key Bullish Break

Date:

Related stories

  • Tron price started a fresh increase from the $0.0625 level against the US Dollar.
  • TRX price is now trading near $0.0660 and the 55 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance near $0.0665 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to move up if it breaks the $0.0672 resistance zone.

TRON price started a fresh increase above $0.0625 against the US Dollar, similar to Bitcoin. TRX’s price could rise further if it clears the $0.0672 resistance.

Tron Price Analysis

In the past few days, Tron price started a decent increase from the $0.0625 support zone against the US Dollar. TRX’s price remained well-bid and was able to climb above the $0.0635 zone.

It traded above the $0.0650 and $0.0650 levels to move into a positive zone. The price is now trading near $0.0660 and the 55 simple moving average (4 hours). It is also testing the 50% Fib retracement level of the recent decline from the $0.0669 swing high to the $0.0652 low.

On the upside, TRX is facing resistance near the $0.0665 level. There is also a key contracting triangle forming with resistance near $0.0665 on the 4-hours chart.

The triangle resistance is close to the 76.4% Fib retracement level of the recent decline from the $0.0669 swing high to the $0.0652 low. The next major resistance is near the $0.0672 level. A close above $0.0672 could send the price toward the $0.0700 resistance zone.

Any more gains might send TRX price toward $0.072, above which the price could even rise toward $0.075. On the downside, initial support is near the $0.0655 level.

The next major support is now forming near $0.0645. If there is a downside break below the $0.0645 support, the price might revisit the $0.0625 support. Any more losses might call for a move toward the $0.060 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX’s price is now trading near $0.0660 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.0672 resistance zone.

Technical Indicators

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

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

Key Support Levels – $0.0655 and $0.0645.

Key Resistance Levels – $0.0665, $0.0672, and $0.070.

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.

Subscribe

Latest stories