HomeAltcoin NewsTron (TRX) Price Analysis: Bulls Aim Larger Increase

Tron (TRX) Price Analysis: Bulls Aim Larger Increase

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  • Tron price started a decent recovery wave above the $0.0580 level against the US Dollar.
  • TRX price is now trading above $0.0580 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.0585 on the 4-hours chart (data feed via Bitfinex).
  • The pair could continue to move up if there is a clear break above the $0.0620 resistance.

TRON price started a fresh increase above $0.0580 against the US Dollar, similar to bitcoin. TRX price could rally if it climbs above $0.0620.

Tron Price Analysis

After a sharp decline below $0.0600, tron price found support near $0.0510 against the US Dollar. TRX price traded as low as $0.0511 and started a steady increase.

There was a clear move above the $0.0550 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.0720 swing high to $0.0511 low. It is now trading above $0.0580 and the 55 simple moving average (4-hours).

An immediate resistance on the upside is near the $0.0605 level. The next major resistance is near the $0.0616 level. It is near the 50% Fib retracement level of the downward move from the $0.0720 swing high to $0.0511 low.

A close above $0.0616 is must for a fresh increase. In the stated case, the price could rise towards the $0.0650 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.0720 level.

On the downside, an initial support is near the $0.0585 level. There is also a key bullish trend line forming with support near $0.0585 on the 4-hours chart. The next major support is now forming near $0.0550, below which there is a risk of a larger decline.

The next key is near the $0.0510 level. Any more losses might call for a move towards the $0.0480 level, where the bulls might appear.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.0580 and near the 55 simple moving average (4-hours). Overall, the price could continue to move up if there is a clear break above the $0.0620 resistance.

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 – $0.0585 and $0.0550.

Key Resistance Levels – $0.0605, $0.0616 and $0.0700.

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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