- Tron price started a fresh increase above the $0.0580 resistance against the US Dollar.
- TRX price is now trading well above $0.0580 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.0585 on the 4-hours chart (data feed via Bitfinex).
- The pair is likely to continue higher above the $0.0620 and $0.0640 resistance levels.
TRON price is trading in a positive zone above $0.0600 against the US Dollar, similar to bitcoin. TRX price is likely to accelerate higher above the $0.0635 and $0.0650 levels.
Tron Price Analysis
After struggling to clear the $0.0600 resistance zone, tron price started a fresh decline against the US Dollar. TRX price broke many important supports near $0.0580 and $0.0550 to move into a bearish zone.
There was also a close above the $0.0580 support level and the 55 simple moving average (4-hours). The price gained strength and surpassed the $0.0600 level. A high was formed near $0.0634 before there was a downside correction.
There was a break below the $0.0620 support level. Tron price declined below the 23.6% Fib retracement level of the upward move from the $0.0490 swing low to $0.0634 high.
However, the price remained well bid near the $0.0580 level. There is also a major bullish trend line forming with support near $0.0585 on the 4-hours chart. The next major support is now forming near the $0.0562 level and the 55 simple moving average (4-hours).
The 50% Fib retracement level of the upward move from the $0.0490 swing low to $0.0634 high is also near the $0.0562 level. The price is now rising and it is trading above the $0.0600 level. An initial resistance is near the $0.0620 level.
The first major resistance is near the $0.0635 level. The main resistance is now forming near the $0.0650 level. A close above the $0.0650 level could pump the price. The next major resistance for the bulls might be near the $0.0700 level.
The chart indicates that TRX price is now trading well above the $0.0650 resistance and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above the $0.0620 and $0.0640 resistance levels.
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 well above the 50 level, with a positive angle.
Key Support Levels – $0.0580 and $0.0550.
Key Resistance Levels – $0.0620, $0.0635 and $0.0650.
