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HomeAltcoin NewsTron (TRX) Price Analysis: Bulls In Control Above $0.10

Tron (TRX) Price Analysis: Bulls In Control Above $0.10

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  • Tron price started a fresh rally above the $0.1000 resistance zone against the US Dollar.
  • TRX price is now trading above $0.1000 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $0.1020 on the 4-hours chart (data feed via Bitfinex).
  • The pair is correcting gains, but dips are likely to be limited below $0.1000.

TRON price remained well bid above $0.1000 against the US Dollar, similar to bitcoin. TRX price is rising and it could continue to rise above the $0.1100 level.

Tron Price Analysis

After a close above $0.0950, tron price started a fresh increase against the US Dollar. TRX price surged above the $0.1000 and $0.1020 resistance levels to move into a positive zone.

The price even surged above $0.1050 and the 55 simple moving average (4-hours). There was also a break above a major bearish trend line with resistance near $0.1020 on the 4-hours chart. A high is formed near $0.1105 and it is now correcting gains.

There was a break below the $0.1080 level. It is now approaching the 23.6% Fib retracement level of the upward move from the $0.0882 swing low to $0.1105 high.

On the downside, an initial support is near the $0.1050 level. The first major support is now forming near $0.1000. The 50% Fib retracement level of the upward move from the $0.0882 swing low to $0.1105 high is also near the $0.0995 level.

Any more losses might call for a decline towards the $0.0950 level. The next major support is near the $0.0920 level in the near term. On the upside, an initial resistance is near the $0.1080 level. The first major resistance is near the $0.1100 level. A close above $0.1100 and $0.1120 is must for a fresh increase.

In the stated case, the price could rise towards the $0.1200 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.1250 level.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.1000 and the 55 simple moving average (4-hours). Overall, the price correcting gains, but dips are likely to be limited below $0.1000.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly losing momentum in the bullish zone.

4 hours RSI – The RSI for TRX/USD is now above the 50 level.

Key Support Levels – $0.1050 and $0.1000.

Key Resistance Levels – $0.1080, $0.1100 and $0.1120.

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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