HomeAltcoin NewsTron (TRX) Price Analysis: Bulls Aiming Crucial Upside Break

Tron (TRX) Price Analysis: Bulls Aiming Crucial Upside Break

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  • Tron price is currently rising and it is trading above the $0.0100 resistance against the US Dollar.
  • TRX price is likely to surge if there is an upside break above the $0.0120 resistance.
  • There is a key bearish trend line forming with resistance near $0.0115 on the 4-hours chart (data feed via Bitfinex).
  • The price could dip a few points, but it is likely to find support near the $0.0105 level.

TRON price is showing a few positive and recovery signs against the US Dollar, similar to bitcoin. TRX price is likely to gain bullish momentum if it clears the $0.0120 resistance.

Tron Price Analysis

In the past few days, there was a decent recovery in TRON price above the $0.0950 resistance against the US Dollar. TRX price traded above the $0.0100 resistance area and the 55 simple moving average (4-hours).

The price even gathered pace above the $0.0120 level and traded as high as $0.0127. Recently, there was a downside correction below $0.0110. The price traded below the 50% Fibonacci retracement level of the upward move from the $0.0085 low to $0.0127 high.

However, the decline was protected by the $0.0105 support area. The 61.8% Fibonacci retracement level of the upward move from the $0.0085 low to $0.0127 high is also acting as a support.

The price is now rising and trading above the $0.0114 level. An initial resistance is near the $0.0115 level. There is also a key bearish trend line forming with resistance near $0.0115 on the 4-hours chart.

If there is an upside break above the trend line, the price could rise further above $0.0118. The main resistance is near the $0.0120 level, above which the bulls are likely to aim a strong surge.

Conversely, the price might start another downside correction from $0.0115. An initial support is near the $0.0105 level. The main support is near the $0.0100 level, below which the price is likely to accelerate lower towards the $0.0085 level in the coming sessions.

Tron Price
Tron Price

The chart indicates that TRX price is clearly trading in a bullish zone above the $0.0112 level. However, the bulls need to gain pace above the $0.0115 and $0.0120 levels to start a strong upward move.

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 rising and it is now well above the 50 level.

Key Support Levels – $0.0100 and $0.0085.

Key Resistance Levels – $0.0115, $0.0120 and $0.0135.

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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