HomeAltcoin NewsTron (TRX) Price Analysis: Key Uptrend Support Intact

Tron (TRX) Price Analysis: Key Uptrend Support Intact

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  • Tron price started a fresh downside correction from the $0.0855 zone against the US Dollar.
  • TRX price is now trading above $0.0770 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.0777 on the 4-hour chart (data feed via Kraken).
  • The pair could continue to move down if it breaks the $0.0768 support zone.

TRON price started a fresh decline below the $0.0820 zone against the US Dollar, similar to Bitcoin. TRX price could accelerate lower if there is a move below $0.0768.

Tron Price Analysis

This past week, Tron price started a steady increase above the $0.0750 resistance level against the US Dollar. TRX price struggled to gain pace for more gains and formed a top near $0.0855.

The price started a fresh decline below the $0.0820 level. There was a move below the 50% Fib retracement level of the upward move from the $0.0741 swing low to the $0.0856 high. However, the bulls were active near the $0.0770 level.

There is also a key bullish trend line forming with support near $0.0777 on the 4-hour chart. The price is now trading above $0.0770 and the 55 simple moving average (4 hours). On the upside, TRX is facing resistance near the $0.0800 level.

The first major resistance is near the $0.082 level. A close above $0.082 is a must for a fresh increase. In the stated case, the price could rise toward the $0.0855 resistance in the near term.

On the downside, initial support is near the $0.0777 level and the trend line. The next major support is now forming near $0.0768. It is near the 76.4% Fib retracement level of the upward move from the $0.0741 swing low to the $0.0856 high.

If there is a downside break below the $0.0768 support, the price might revisit the $0.0720 support. Any more losses might call for a move toward the $0.0700 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.0770 and near the 55 simple moving average (4 hours). Overall, the price could continue to move down if it breaks the $0.0768 support zone.

Technical Indicators

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

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

Key Support Levels – $0.0768 and $0.0720.

Key Resistance Levels – $0.080, $0.082, and $0.0855.

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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