HomeAltcoin NewsTron (TRX) Price Analysis: Bulls Aim Upside Break Above $0.1

Tron (TRX) Price Analysis: Bulls Aim Upside Break Above $0.1

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  • Tron price started a major decline from well above $0.1120 against the US Dollar.
  • TRX price is now trading below $0.1000 and near the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.1000 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a major increase if there is a clear break above the $0.1000 resistance.

TRON price started a major drop below $0.1000 against the US Dollar, similar to bitcoin. TRX price is recovering, but it must clear $0.1000 for more gains.

Tron Price Analysis

After facing resistance, tron price started a fresh decline below the $0.1100 level against the US Dollar. TRX price even broke the $0.1000 support level to enter a bearish zone.

A low was formed near $0.0893 and the price started a fresh increase. There was a recovery wave above the $0.0900 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $0.1097 swing high to $0.0893 low.

An immediate resistance on the upside is near the $0.0995 level. The first major resistance is near the $0.1000 level. There is also a major bearish trend line forming with resistance near $0.1000 on the 4-hours chart.

The trend line is near the 50% Fib retracement level of the downward move from the $0.1097 swing high to $0.0893 low.

A close above $0.1000 and $0.1020 is must for a fresh increase. In the stated case, the price could rise towards the $0.1080 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.1120 level.

On the downside, an initial support is near the $0.092 level. The first major support is now forming near $0.0900. The next major is near the $0.0880 level. Any more losses might call for a sharp decline towards the $0.0800 level.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading below $0.1000 and near the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $0.1000 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 now above the 50 level.

Key Support Levels – $0.0920 and $0.0880.

Key Resistance Levels – $0.1000, $0.1020 and $0.1080.

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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