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HomeAltcoin NewsTron (TRX) Price Analysis: Key Support Nearby, Fresh Increase Likely

Tron (TRX) Price Analysis: Key Support Nearby, Fresh Increase Likely

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  • Tron price is approaching the main $0.0275 support zone against the US Dollar.
  • TRX price is now trading with below the 55 simple moving average (4-hours), with a bearish angle.
  • There was a break below a major bullish trend line with support near $0.0305 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a fresh increase as long as the price is above the $0.0275 support.

TRON price is moving lower and approaching the key $0.0275 support against the US Dollar, while bitcoin is well above $23K. TRX price must clear the $0.0300 resistance to start a fresh increase.

Tron Price Analysis

This past week, TRON price started a steady increase above the $0.03000 level against the US Dollar. TRX price even traded above $0.0320, but it struggled to clear the $0.0325 resistance level.

A high was formed near the $0.0328 level before the price started a fresh decline. There was a sharp decline below the $0.03000 support level. There was also a break below a major bullish trend line with support near $0.0305 on the 4-hours chart.

The pair settled well below the $0.0300 level and the 55 simple moving average (4-hours). The price is now approaching the $0.0275 support zone. A low is formed near $0.0276 and the price is struggling to recover.

An initial resistance is near the $0.0288 level. The 23.6% Fib retracement level of the downward move from the $0.0328 swing high to $0.0276 low is also near the $0.0288 level. The next major resistance above the $0.0288 level is seen near the $0.0300 level.

The 50% Fib retracement level of the downward move from the $0.0328 swing high to $0.0276 low sits near $0.0300 to act as a resistance. Moreover, the 55 simple moving average (4-hours) is also near $0.0300.

A clear break above the $0.0300 resistance level and the 55 simple moving average (4-hours is needed for a sustained upward move. The next key stop for the bulls could be near the $0.0328 level.

On the downside, the main support is near the $0.0275 level. A successful break and close below the $0.0275 support could spark a sharp decline. The next major support could be near $0.0250.

Tron Price
Tron Price

The chart indicates that TRX price clearly trading near a crucial support near $0.0276 and $0.0275. Overall, the price could start a fresh increase as long as the price is above the $0.0275 support.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is now declining towards the 30 level.

Key Support Levels – $0.0275 and $0.0250.

Key Resistance Levels – $0.0288, $0.0300 and $0.0325.

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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