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HomeAltcoin NewsTron (TRX) Price Analysis: Bulls Aim Fresh Increase To $0.080

Tron (TRX) Price Analysis: Bulls Aim Fresh Increase To $0.080

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  • Tron price started a fresh increase from the $0.0715 level against the US Dollar.
  • TRX price is now trading above $0.0750 and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $0.0758 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to move up if it breaks the $0.0760 resistance zone.

TRON price started a fresh increase above $0.0735 against the US Dollar, similar to Bitcoin. TRX’s price could rise further if it clears the $0.0760 resistance.

Tron Price Analysis

After a fresh decline, Tron price found support near the $0.0715 zone against the US Dollar. TRX’s price formed a base and recently started a fresh increase from the $0.07137 low.

There was a break above the $0.0732 and $0.0750 levels. The price climbed above the 50% Fib retracement level of the downward wave from the $0.0776 swing high to the $0.0713 low. TRX is now trading above $0.0750 and the 55 simple moving average (4 hours).

Besides, there was a break above a key bearish trend line with resistance near $0.0758 on the 4-hours chart. On the upside, TRX is facing resistance near the $0.0760 level. It is close to the 76.4% Fib retracement level of the downward wave from the $0.0776 swing high to the $0.0713 low.

The next major resistance is near the $0.0775 level. A close above $0.0775 could send the price toward the $0.0800 resistance zone. Any more gains might send TRX price toward $0.0820, above which the price could even rise toward $0.085.

On the downside, initial support is near the $0.0750 level and the 55 simple moving average (4 hours). The next major support is now forming near $0.0740.

If there is a downside break below the $0.0740 support, the price might revisit the $0.0715 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 above $0.0750 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.0760 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 – $0.0750 and $0.0740.

Key Resistance Levels – $0.0760, $0.0775, and $0.080.

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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