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.
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.
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.
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