HomeAltcoin NewsTron (TRX) Price Analysis: More Gains Possible Above $0.055

Tron (TRX) Price Analysis: More Gains Possible Above $0.055

-

  • Tron price started a fresh increase above the $0.0535 level against the US Dollar.
  • TRX price is now trading above $0.0542 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $0.0525 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to move up if it breaks the $0.0560 resistance zone.

TRON price started a fresh increase above $0.0542 against the US Dollar, similar bitcoin. TRX price could rise further if it clears the $0.056 resistance.

Tron Price Analysis

This past week, tron price retested the key $0.050 support zone against the US Dollar. TRX price remained well bid and started a decent increase from the $0.052 zone.

It traded above the $0.0525 and $0.0530 resistance levels to move into a positive zone. During the increase, there was a break above a major bearish trend line with resistance near $0.0525 on the 4-hours chart. The price traded as high as $0.0567 and is currently correcting lower.

There was a move below the $0.0555 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.0497 swing low to $0.0567 high.

It is now trading above $0.0542 and the 55 simple moving average (4-hours). On the upside, TRX is facing resistance near the $0.0556 level.

The first major resistance is near the $0.0560 level. A close above $0.0560 is must for a fresh increase. In the stated case, the price could rise towards the $0.0588 resistance in the near term.

Any more gains might send trx price towards $0.065. On the downside, an initial support is near the $0.0540 level or the 55 simple moving average (4-hours). The next major support is now forming near $0.0532. It is near the 50% Fib retracement level of the upward move from the $0.0497 swing low to $0.0567 high.

If there is a downside break below the $0.0532 support, the price might revisit the $0.0500 support. Any more losses might call for a move towards the $0.0450 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.0542 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it breaks the $0.0560 resistance zone.

Technical Indicators

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

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

Key Support Levels – $0.0540 and $0.0532.

Key Resistance Levels – $0.0555, $0.056 and $0.062.

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