- Tron price started a decent increase above the $0.0600 zone against the US Dollar.
- TRX price is now trading well above $0.0620, but it is below the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.0670 on the 4-hours chart (data feed via Bitfinex).
- The pair is likely to start a decent increase above the $0.0680 and $0.0700 resistance levels.
TRON price is now showing positive signs above $0.0600 against the US Dollar, similar to bitcoin. TRX price must surpass $0.0700 to continue higher in the near term.
Tron Price Analysis
After forming a base above the $0.0500 zone, tron price started a fresh increase against the US Dollar. TRX price broke many hurdles near the $0.0620 zone to move into a positive zone.
It even spiked above the $0.0680 level and the 55 simple moving average (4-hours). However, it failed to continue higher above the $0.0700 resistance zone. A high was formed near $0.0698 before the price started a downside correction.
It traded below the $0.0650 support zone. There was a break below the 23.6% Fib retracement level of the upward move from the $0.0470 swing low to $0.0698 high.
However, the bulls were active above the $0.0640 support. The next major support is near the $0.0620 level. Any more losses might call for a drop towards the $0.0585 zone. It is near the 50% Fib retracement level of the upward move from the $0.0470 swing low to $0.0698 high.
On the upside, the price is facing resistance near $0.0660 and the 55 SMA. There is also a major bearish trend line forming with resistance near $0.0670 on the 4-hours chart.
A clear upside break above $0.0660 and $0.0670 could open the doors for a sharp increase. The next major resistance is near $0.0700, above which the price could revisit $0.0800.
The chart indicates that TRX price is now trading well above the $0.0620 zone, but it is still below the 55 simple moving average (4-hours). Overall, the price is likely to start a decent increase above the $0.0680 and $0.0700 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 above the 50 level.
Key Support Levels – $0.0644 and $0.0620.
Key Resistance Levels – $0.0670, $0.0700 and $0.0800.
