- 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.
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.
