- Tron price started a decent increase above the $0.0600 level against the US Dollar.
- TRX price is now trading above $0.0620 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.0630 on the 4-hours chart (data feed via Bitfinex).
- The pair could continue to move up if it stays above the $0.0620 support zone.
TRON price started a fresh increase above $0.0600 against the US Dollar, similar to bitcoin. TRX price could rally further if it climbs above $0.0700.
Tron Price Analysis
After forming a base above the $0.0520, tron price started a fresh increase against the US Dollar. TRX price traded above the $0.0550 and $0.0580 resistance levels to move into a positive zone.
There was a clear move above the $0.0600 resistance zone. The price even settled above the $0.0620 resistance and the 55 simple moving average (4-hours). It traded as high as $0.0702 and is currently consolidating gains.
It tested the 23.6% Fib retracement level of the upward move from the $0.0582 swing low to $0.0702 high. On the downside, an initial support is near the $0.0665 level. The next major support is now forming near $0.0640. There is also a key bullish trend line forming with support near $0.0630 on the 4-hours chart.
The trend line is close to the 50% Fib retracement level of the upward move from the $0.0582 swing low to $0.0702 high. The main support is near the $0.0620 level, below which there is a risk of a larger decline.
An immediate resistance on the upside is near the $0.0688 level. The next major resistance is near the $0.0700 level. A close above $0.0700 is must for a fresh increase. In the stated case, the price could rise towards the $0.0750 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.0800 level.
The chart indicates that TRX price is now trading above $0.0600 and near the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $0.0620 support zone.
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 above the 50 level.
Key Support Levels – $0.0640 and $0.0620.
Key Resistance Levels – $0.0688, $0.0700 and $0.0750.
