HomeAltcoin NewsTron (TRX) Price Analysis: Bulls Could Gain Strength Above $0.102

Tron (TRX) Price Analysis: Bulls Could Gain Strength Above $0.102

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  • Tron price is forming a base above the $0.0980 zone against the US Dollar.
  • TRX price is now trading above $0.1000 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.0985 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a major increase if there is a clear break above the $0.1020 resistance.

TRON price remained well bid above $0.0950 against the US Dollar, similar to bitcoin. TRX price is rising, but it must clear $0.1020 for more upsides.

Tron Price Analysis

After a major increase, tron price faced sellers near the $0.1055 level against the US Dollar. TRX price started a downside correction below the $0.0950 level and the 55 simple moving average (4-hours).

However, the bulls appeared near $0.0920. A low was formed near $0.0915 and the price started a fresh increase. There was a move above the $0.0935 and $0.0950 resistance levels. The price surpassed the 50% Fib retracement level of the downward move from the $0.1055 swing high to $0.0915 low.

The price is now trading above $0.1000 and the 55 simple moving average (4-hours). The first major resistance is near the $0.1020 level. It is near the 76.4% Fib retracement level of the downward move from the $0.1055 swing high to $0.0915 low.

A close above $0.1020 and $0.1025 is must for a fresh increase. In the stated case, the price could rise towards the $0.1055 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 $0.0985 level. The first major support is now forming near $0.0980. There is also a key bullish trend line forming with support near $0.0985 on the 4-hours chart. Any more losses might call for a sharp decline towards the $0.0915 level. The next major support is near the $0.0850 level in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.1000 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $0.1020 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 – $0.0980 and $0.0915.

Key Resistance Levels – $0.1020, $0.1055 and $0.1100.

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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