33.8 C
Dubai
Monday, May 27, 2024
HomeAltcoin NewsTron (TRX) Price Analysis: Bulls Aim Important Bullish Break

Tron (TRX) Price Analysis: Bulls Aim Important Bullish Break

Date:

Related stories

  • Tron price started a fresh increase from the $0.058 level against the US Dollar.
  • TRX price is now trading above $0.0632 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 $0.0665 resistance zone.

TRON price started a fresh increase above $0.0632 against the US Dollar, similar to Bitcoin. TRX’s price could rise further if it clears the $0.0665 resistance.

Tron Price Analysis

In the past few sessions, Tron price started a decent increase from the $0.060 support zone against the US Dollar. TRX’s price remained well-bid and was able to climb above the $0.062 zone.

It traded above the $0.0622 and $0.0632 resistance levels to move into a positive zone. Besides, there was a break above a key contracting triangle forming with resistance near $0.0665 on the 4-hours chart. The pair settled above the 61.8% Fib retracement level of the downward move from the $0.06855 swing high to the $0.0570 low.

The price is now trading above $0.064 and the 55 simple moving average (4 hours). On the upside, TRX is facing resistance near the $0.0665 level.

The next major resistance is near the $0.0685 level. A close above $0.0685 could send the price toward the $0.0700 resistance zone. Any more gains might send TRX price toward $0.072 or the 1.236 Fib extension level of the downward move from the $0.06855 swing high to the $0.0570 low, above which the price could even rise toward $0.075.

On the downside, initial support is near the $0.0658 level. The next major support is now forming near $0.0640. If there is a downside break below the $0.0640 support, the price might revisit the $0.062 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 above $0.0632 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.0665 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 – $0.0658 and $0.0640.

Key Resistance Levels – $0.0665, $0.0685, and $0.072.

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