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HomeAltcoin NewsTron (TRX) Price Analysis: Key Upside Break Above $0.065 Looms

Tron (TRX) Price Analysis: Key Upside Break Above $0.065 Looms

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  • Tron price started a fresh increase from the $0.057 level against the US Dollar.
  • TRX price is now trading above $0.062 and the 55 simple moving average (4-hours).
  • There was a break above a key declining channel with resistance near $0.064 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to move up if it breaks the $0.0685 resistance zone.

TRON price started a fresh increase above $0.062 against the US Dollar, similar bitcoin. TRX price could rise further if it clears the $0.0685 resistance.

Tron Price Analysis

In the past few sessions, tron price started a decent increase from the $0.057 support zone against the US Dollar. TRX price remained well bid and started a decent increase above the $0.060 zone.

It traded above the $0.0620 and $0.0625 resistance levels to move into a positive zone. Besides, there was a break above a key declining channel with resistance near $0.064 on the 4-hours chart. The pair settled above the 50% Fib retracement level of the key drop from the $0.06854 swing high to $0.05697 low.

The price is now trading above $0.062 and the 55 simple moving average (4-hours). On the upside, TRX is facing resistance near the $0.0658 level. It is near the 76.4% Fib retracement level of the key drop from the $0.06854 swing high to $0.05697 low.

The next major resistance is near the $0.0685 level. A close above $0.0685 could send the price towards the $0.0700 resistance zone. Any more gains might send trx price towards $0.072, above which the price could even rise towards $0.075.

On the downside, an initial support is near the $0.0620 level. The next major support is now forming near $0.0600. If there is a downside break below the $0.0600 support, the price might revisit the $0.057 support. Any more losses might call for a move towards the $0.0550 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.062 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it breaks the $0.0685 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 – $0.0620 and $0.0600.

Key Resistance Levels – $0.0650, $0.0685 and $0.072.

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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