HomeAltcoin NewsTron (TRX) Price Analysis: Bulls Eye Fresh Rally above $0.035

Tron (TRX) Price Analysis: Bulls Eye Fresh Rally above $0.035

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  • Tron price is holding the key $0.0324 and $0.0310 support levels against the US Dollar.
  • TRX price is now facing hurdles near $0.0350, but it is well above the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $0.0330 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a strong increase if it clears the $0.0350 resistance zone in the near term.

TRON price is showing signs of a fresh break above $0.0350 against the US Dollar, while bitcoin is rising. TRX price could rally to $0.0420 if it clears the $0.0350 resistance.

Tron Price Analysis

This past week, there was a sharp increase in TRON price above the $0.0320 and $0.0350 resistance levels against the US Dollar.  TRX price even surged above the $0.0400 resistance and settled above the 55 simple moving average (4-hours).

It traded as high as $0.0447 before trimming almost all its gains. TRX broke the $0.0324 support level and traded as low as $0.0306. It is currently rising and correcting above $0.0320.

There was a break above the 23.6% Fib retracement level of the downward move from the $0.0447 high to $0.0320 low. It is now facing hurdles near $0.0350, but it is well above the 55 simple moving average (4-hours).

The next major resistance is near the $0.0365 level, above which it could test the 50% Fib retracement level of the downward move from the $0.0447 high to $0.0320 low. Any more gains could open the doors for a steady increase towards the $0.0400 and $0.0420 levels.

On the downside, there is a strong support forming near $0.0330. There is also a major bullish trend line forming with support near $0.0330 on the 4-hours chart. If there is a downside break below the trend line support zone, the price could retest the $0.0310 support or the 55 simple moving average (4-hours). Any more losses could lead the price towards the $0.0300 support.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is clearly facing a strong resistance near the $0.0350 and $0.0365 levels. Overall, the price could start a strong increase if it clears the $0.0350 resistance zone in the near term.

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 – $0.0330 and $0.0310.

Key Resistance Levels – $0.0350, $0.0365 and $0.0400.

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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