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HomeAltcoin NewsTron (TRX) Price Analysis: Dips Supported Near $0.075

Tron (TRX) Price Analysis: Dips Supported Near $0.075

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  • Tron price started a fresh increase above the $0.0720 level against the US Dollar.
  • TRX price is now trading below $0.0780 and the 55 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $0.0752 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to move up if it breaks the $0.0780 resistance zone.

TRON price started a fresh increase above $0.0720 against the US Dollar, similar to Bitcoin. TRX’s price could rise further if it clears the $0.0780 resistance.

Tron Price Analysis

In the past few days, Tron price started a steady increase from the $0.0712 support zone against the US Dollar. TRX’s price remained well-bid and was able to climb above the $0.0755 zone.

It traded above the $0.0780 and $0.0788 levels to move further into a positive zone. Finally, the bears appeared near the $0.080 level. A high is formed near $0.0798 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward wave from the $0.0669 swing low to the $0.0798 high.

It is trading below $0.0780 and the 55 simple moving average (4 hours). On the upside, TRX is facing resistance near the $0.0770 level. The next major resistance is near the $0.078 level.

A close above $0.078 could send the price toward the $0.0800 resistance zone. Any more gains might send TRX price toward $0.0825, above which the price could even rise toward $0.085. On the downside, initial support is near the $0.0752 level.

There is also a major bullish trend line forming with support near $0.0752 on the 4-hours chart. The next major support is now forming near $0.0718 or the 61.8% Fib retracement level of the upward wave from the $0.0669 swing low to the $0.0798 high.

If there is a downside break below the $0.0718 support, the price might revisit the $0.0700 support. Any more losses might call for a move toward the $0.0665 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX’s price is now trading below $0.0780 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.0780 resistance zone.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is now gaining momentum in the bearish zone.

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

Key Support Levels – $0.0752 and $0.0718.

Key Resistance Levels – $0.0780, $0.080, and $0.0825.

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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