HomeAltcoin NewsTron (TRX) Price Analysis: Indicators Suggest Fresh Rally To $0.085

Tron (TRX) Price Analysis: Indicators Suggest Fresh Rally To $0.085

-

  • Tron price started a fresh increase from the $0.0750 level against the US Dollar.
  • TRX price is now trading above $0.0765 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.0792 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to move up if it breaks the $0.0808 resistance zone.

TRON price started a fresh increase above $0.0750 against the US Dollar, similar to Bitcoin. TRX’s price could rise further if it clears the $0.0808 resistance.

Tron Price Analysis

After a downside correction, Tron price found support near the $0.0788 zone against the US Dollar. TRX’s price formed a base and recently started a fresh increase from the $0.07883 low.

There was a break above the $0.0792 and $0.0800 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $0.0826 swing high to the $0.0788 low. TRX is now trading above $0.0780 and the 55 simple moving average (4 hours).

There is also a key bullish trend line forming with support near $0.0792 on the 4-hours chart. On the upside, TRX is facing resistance near the $0.0808 level. It is close to the 50% Fib retracement level of the downward wave from the $0.0826 swing high to the $0.0788 low.

The next major resistance is near the $0.082 level. A close above $0.082 could send the price toward the $0.0850 resistance zone.

Any more gains might send TRX price toward $0.0880, above which the price could even rise toward $0.090. On the downside, initial support is near the $0.0792 level and the trend line. The next major support is now forming near $0.0788.

If there is a downside break below the $0.0788 support, the price might revisit the $0.0750 support. Any more losses might call for a move toward the $0.072 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX’s price is now trading above $0.0765 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.0808 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 – $0.0792 and $0.0788.

Key Resistance Levels – $0.0808, $0.0820, and $0.085.

FOLLOW US

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.

Upcoming Events

Most Popular