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HomeAltcoin NewsTron (TRX) Price Analysis: Holding Massive Support At $0.08

Tron (TRX) Price Analysis: Holding Massive Support At $0.08

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  • Tron price started a fresh increase above the $0.0800 resistance against the US Dollar.
  • TRX price is now trading near $0.0850 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $0.0815 on the 4-hours chart (data feed via Bitfinex).
  • The pair is likely to continue higher as long as it is above the $0.0810 and $0.0800 support levels.

TRON price is trading in a positive zone above $0.0800 against the US Dollar, similar to bitcoin. TRX price is likely to resume its upside unless it breaks the $0.0800 support zone.

Tron Price Analysis

After forming a base above the $0.0700 level, tron price started a fresh increase against the US Dollar. TRX price broke many important hurdles near $0.0800 to move further into a positive zone.

The pair even broke the $0.0920 resistance and the 55 simple moving average (4-hours). However, it failed to test the USD $0.1000 resistance. A high was formed near $0.0968 before the price started a downside correction.

There was a break below the $0.0920 and $0.0900 support levels. The price spiked below the 50% Fib retracement level of the key upward move from the $0.0723 swing low to $0.0968 high. However, the bulls were active near the $0.0810 level.

There is also a major bullish trend line forming with support near $0.0815 on the 4-hours chart. The price even found support near the 61.8% Fib retracement level of the key upward move from the $0.0723 swing low to $0.0968 high.

It is now trading near $0.0850 and the 55 simple moving average (4-hours). An initial resistance is near the $0.0860 level. The first major resistance is near the $0.0880 level. Any more gains could set the pace for a move towards the main $0.0950 resistance zone. The next key resistance is near the $0.1000 level.

On the downside, an initial support is near the $0.0810 level. The main support is now forming near $0.0800. Any more losses might call for a sharp decline towards the $0.0700 level.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading near $0.0850 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher as long as it is above the $0.0810 and $0.0800 support levels.

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 now below the 50 level.

Key Support Levels – $0.0810 and $0.0800.

Key Resistance Levels – $0.0860, $0.0880 and $0.1000.

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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