HomeAltcoin NewsTron (TRX) Price Analysis: Bulls Eye Additional Gains

Tron (TRX) Price Analysis: Bulls Eye Additional Gains

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  • Tron price started a fresh increase above the $0.035 level against the US Dollar.
  • TRX price is now trading above $0.0835 and the 55 simple moving average (4 hours).
  • There is a connecting bullish trend line forming with support near $0.0840 on the 4-hour chart (data feed via Kraken).
  • The pair could continue to move up if it settled above the $0.085 resistance zone.

TRON price started a fresh increase above $0.0830 against the US Dollar, outpacing Bitcoin. TRX’s price could rise further if it clears the $0.085 resistance.

Tron Price Analysis

In the past few days, Tron price started a steady increase above the $0.0788 support zone against the US Dollar. TRX’s price managed to settle above the $0.080 zone.

The bulls even pushed the price above the $0.0820 and $0.0832 levels. They are now attempting a clear move above the $0.0850 resistance zone. A high is formed near $0.08509 and the price is now eyeing additional gains in the near term.

It is trading well above the 23.6% Fib retracement level of the recent increase from the $0.0828 swing low to the $0.0850 high. It is trading above $0.0835 and the 55 simple moving average (4 hours). On the upside, TRX is facing resistance near the $0.085 level. The next major resistance is near the $0.0865 level.

A close above $0.0865 could send the price toward the $0.0920 resistance zone. Any more gains might send TRX price toward $0.0920, above which the price could even rise toward $0.10.

On the downside, initial support is near the $0.0840 level. There is also a connecting bullish trend line forming with support near $0.0840 on the 4-hour chart. The next major support is now forming near $0.0836 or the 61.8% Fib retracement level of the recent increase from the $0.0828 swing low to the $0.0850 high, below which it could test $0.0830.

If there is a downside break below the $0.0830 support, the price might revisit the $0.080 support. Any more losses might call for a move toward the $0.0770 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX’s price is now trading above $0.0832 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it settles above the $0.085 resistance zone.

Technical Indicators

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

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

Key Support Levels – $0.0840 and $0.0830.

Key Resistance Levels – $0.085, $0.0865, and $0.0920.

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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