HomeAltcoin NewsTron (TRX) Price Analysis: Make-or-Break Zone At $0.064

Tron (TRX) Price Analysis: Make-or-Break Zone At $0.064

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  • Tron price started a decent increase above the $0.0600 level against the US Dollar.
  • TRX price is now trading below $0.0640 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $0.0622 on the 4-hours chart (data feed via Bitfinex).
  • The pair could continue to move up if it clears the $0.0640 resistance zone.

TRON price started a fresh increase above $0.0600 against the US Dollar, similar to bitcoin. TRX price could rally further if it climbs above $0.0640.

Tron Price Analysis

After forming a base above the $0.0590, tron price started a fresh increase against the US Dollar. TRX price traded above the $0.0600 and $0.0612 resistance levels to move into a positive zone.

The price gained pace above the 23.6% Fib retracement level of the recent decline from the $0.0671 swing high to $0.0592 low. Besides, there was a break above a major bearish trend line with resistance near $0.0622 on the 4-hours chart.

The price is now facing resistance near the $0.0632 level. It is near the 50% Fib retracement level of the recent decline from the $0.0671 swing high to $0.0592 low.

The next major resistance is near the $0.0640 level the 55 simple moving average (4-hours). A close above $0.0640 is must for a fresh increase. In the stated case, the price could rise towards the $0.0670 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.0720 level.

On the downside, an initial support is near the $0.0620 level and the broken trend line. The next major support is now forming near $0.0600. If there is a downside break below the $0.0600 support, the price might decline sharply.

In the stated case, the price could test the $0.0565 level. The next major support is near the $0.0550 level, below which there is a risk of a move to $0.0520.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading below $0.0640 and near the 55 simple moving average (4-hours). Overall, the price could continue to move up if it clears the $0.0640 resistance zone.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly losing 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 – $0.0632, $0.0640 and $0.0720.

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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