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HomeAltcoin NewsTron (TRX) Price Analysis: Bulls In Control Above $0.06

Tron (TRX) Price Analysis: Bulls In Control Above $0.06

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  • Tron price started a fresh increase above the $0.055 level against the US Dollar.
  • TRX price is now trading above $0.058 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.0608 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to move up if it breaks the $0.0650 resistance zone.

TRON price started a fresh increase above $0.058 against the US Dollar, similar bitcoin. TRX price could rise further if it clears the $0.060 resistance.

Tron Price Analysis

This past week, tron price started a decent increase from the $0.050 support zone against the US Dollar. TRX price remained well bid and started a decent increase above the $0.055 zone.

It traded above the $0.0565 and $0.0580 resistance levels to move into a positive zone. The price even surged above the $0.060 resistance zone. The price traded as high as $0.0657 and is currently correcting lower. There was a move below the $0.064 level.

The price declined below the 23.6% Fib retracement level of the upward move from the $0.0497 swing low to $0.0657 high. It is now trading above $0.058 and the 55 simple moving average (4-hours).

On the upside, TRX is facing resistance near the $0.0632 level. The first major resistance is near the $0.0650 level. A close above $0.065 is must for a fresh increase. In the stated case, the price could rise towards the $0.070 resistance in the near term.

Any more gains might send trx price towards $0.075. On the downside, an initial support is near the $0.0612 level. There is also a key bullish trend line forming with support near $0.0608 on the 4-hours chart.

The next major support is now forming near $0.058. It is near the 50% Fib retracement level of the upward move from the $0.0497 swing low to $0.0657 high.

If there is a downside break below the $0.058 support, the price might revisit the $0.0550 support. Any more losses might call for a move towards the $0.0520 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.058 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it breaks the $0.0650 resistance zone.

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 above the 50 level.

Key Support Levels – $0.0608 and $0.0580.

Key Resistance Levels – $0.0632, $0.0565 and $0.070.

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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