- Tron price started a fresh increase from the $0.065 support against the US Dollar.
- TRX price is now trading above $0.0670 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.0690 on the 4-hours chart (data feed via Bitfinex).
- The pair could continue to move up if there is a clear move above the $0.070 barrier.
TRON price started a fresh increase above $0.068 against the US Dollar, similar bitcoin. TRX price could accelerate higher if it surpasses the $0.070 resistance.
Tron Price Analysis
This past week, tron price found support near the $0.0635 level against the US Dollar. TRX price formed a base above the $0.0650 level and started a fresh increase.
It traded above the $0.0665 and $0.0670 resistance levels to move into a positive zone. The price pumped above the 50% Fib retracement level of the downside correction from the $0.0715 swing high to $0.0636 low. It is now trading above $0.0670 and the 55 simple moving average (4-hours).
There is also a major bullish trend line forming with support near $0.0690 on the 4-hours chart. On the upside, TRX is facing resistance near the $0.0695 level. It is near the 76.4% Fib retracement level of the downside correction from the $0.0715 swing high to $0.0636 low.
The first major resistance is near the $0.0715 level. A close above $0.0715 is must for a fresh increase. In the stated case, the price could rise towards the $0.0750 resistance in the near term.
On the downside, an initial support is near the $0.0690 level and the trend line zone. The next major support is now forming near $0.0670 and the 55 simple moving average (4-hours). If there is a downside break below the $0.0670 support, the price might revisit the $0.0650 support. Any more losses might call for a move towards the $0.0635 zone in the near term.
The chart indicates that TRX price is now trading above $0.0670 and near the 55 simple moving average (4-hours). Overall, the price could continue to move up if there is a clear move above the $0.070 barrier.
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 – $0.0670 and $0.0650.
Key Resistance Levels – $0.0700, $0.0715 and $0.0750.
