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HomeAltcoin NewsTron (TRX) Price Analysis: Fresh Increase To $0.072 Seems Likely

Tron (TRX) Price Analysis: Fresh Increase To $0.072 Seems Likely

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  • Tron price started a fresh increase from the $0.0670 level against the US Dollar.
  • TRX price is now trading near $0.0692 and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $0.0694 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to move up if it breaks the $0.070 resistance zone.

TRON price started a fresh increase above $0.0685 against the US Dollar, similar to Bitcoin. TRX’s price could rise further if it clears the $0.070 resistance.

Tron Price Analysis

After a downside correction, Tron price found support near the $0.0672 zone against the US Dollar. TRX’s price formed a base and recently started a fresh increase from the $0.0671 low.

There was a break above the $0.0675 and $0.0680 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.0714 swing high to the $0.0671 low. TRX is now trading near $0.0692 and the 55 simple moving average (4 hours).

On the upside, TRX is facing resistance near the $0.0694 level. There is also a major bearish trend line forming with resistance near $0.0694 on the 4-hours chart.

The trend line is close to the 50% Fib retracement level of the downward move from the $0.0714 swing high to the $0.0671 low. The next major resistance is near the $0.070 level. A close above $0.070 could send the price toward the $0.0720 resistance zone.

Any more gains might send TRX price toward $0.075, above which the price could even rise toward $0.078. On the downside, initial support is near the $0.0680 level. The next major support is now forming near $0.0670 or the recent low.

If there is a downside break below the $0.0670 support, the price might revisit the $0.0644 support. Any more losses might call for a move toward the $0.0620 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX’s price is now trading near $0.0693 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.070 resistance zone.

Technical Indicators

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

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

Key Support Levels – $0.0680 and $0.0670.

Key Resistance Levels – $0.0694, $0.070, and $0.0720.

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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