HomeAltcoin NewsTron (TRX) Price Analysis: Bulls Eye Fresh Increase Above $0.074

Tron (TRX) Price Analysis: Bulls Eye Fresh Increase Above $0.074

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  • Tron price is recovering and it is showing positive signs above $0.070 against the US Dollar.
  • TRX price is now trading near $0.0720 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.0730 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a major increase if there is a clear break above $0.0730 and $0.0740.

TRON price is showing positive signs above $0.0700 against the US Dollar, similar to bitcoin. TRX price must surpass $0.0730 and $0.0740 to start a steady increase.

Tron Price Analysis

There was a downside extension in tron price below the $0.0750 level against the US Dollar. TRX price even broke the $0.0700 support level and the 55 simple moving average (4-hours).

It traded as low as $0.066 and it is now correcting higher. There was a break above the $0.0700 resistance zone. The price climbed above the 23.6% Fib retracement level of the recent drop from the $0.0830 swing high to $0.0660 low.

It is now trading near $0.0720 and the 55 simple moving average (4-hours). The first major resistance on the upside is near the $0.0740 level. There is also a major bearish trend line forming with resistance near $0.0730 on the 4-hours chart.

The 50% Fib retracement level of the recent drop from the $0.0830 swing high to $0.0660 low is also near $0.0740. A clear upside break above $0.0730 and $0.0740 could open the doors for a sharp increase. The next major resistance is near $0.0800, above which the price could revisit $0.0850.

On the downside, an immediate support is near the $0.0700 level. The next key support is near the $0.0660 level, below which there is a risk of a drop towards the $0.0600 support.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is trading near the $0.0720 zone and the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above $0.0730 and $0.0740.

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 – $0.0660 and $0.0600.

Key Resistance Levels – $0.0740, $0.0800 and $0.0850.

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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