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Tron (TRX) Price Analysis: Bulls Aim More Upsides

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  • Tron price started a decent increase above the $0.0620 level against the US Dollar.
  • TRX price is now trading below $0.0680 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.0650 on the 4-hours chart (data feed via Bitfinex).
  • The pair could continue to move up if it stays above the $0.0622 support zone.

TRON price started a fresh increase above $0.0650 against the US Dollar, similar to bitcoin. TRX price could rally further if it climbs above $0.0680.

Tron Price Analysis

After forming a base above the $0.0550, tron price started a fresh increase against the US Dollar. TRX price traded above the $0.0650 and $0.0680 resistance levels to move into a positive zone.

However, the price failed to clear the $0.0720 zone and corrected lower. There was a move below the $0.0650 level, but the bulls were active near the $0.0622 zone. A low was formed near $0.0622 and the price corrected higher.

There was a clear move above the $0.0650 resistance zone. It tested the $0.0680 resistance and remained below the 55 simple moving average (4-hours). It also tested the 50% Fib retracement level of the recent decline from the $0.0711 swing high to $0.0622 low.

An immediate resistance on the upside is near the $0.0670 level. The next major resistance is near the $0.0680 level. It is near the 61.8% Fib retracement level of the recent decline from the $0.0711 swing high to $0.0622 low.

A close above $0.0680 is must for a fresh increase. In the stated case, the price could rise towards the $0.0720 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.0780 level.

On the downside, an initial support is near the $0.0650 level. There is also a key bullish trend line forming with support near $0.0650 on the 4-hours chart. The next major support is now forming near $0.0635. The main support is near the $0.0622 level, below which there is a risk of a larger decline.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.0680 and near the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $0.0622 support zone.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly losing momentum in the bullish zone.

4 hours RSI – The RSI for TRX/USD is above the 50 level.

Key Support Levels – $0.0650 and $0.0622.

Key Resistance Levels – $0.0670, $0.0680 and $0.0720.

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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