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HomeAltcoin NewsTron (TRX) Price Analysis: More Gains Possible Above $0.072

Tron (TRX) Price Analysis: More Gains Possible Above $0.072

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  • Tron price started a fresh increase from the $0.0672 level against the US Dollar.
  • TRX price is now trading above $0.0700 and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $0.0695 a major bullish trend line forming with support near $0.0685 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to move up if it breaks the $0.072 resistance zone.

TRON price started a fresh increase above $0.0695 against the US Dollar, similar to Bitcoin. TRX’s price could rise further if it clears the $0.070 resistance.

Tron Price Analysis

In the past few sessions, Tron price started a decent increase from the $0.0670 support zone against the US Dollar. TRX’s price remained well-bid and was able to climb above the $0.0688 zone.

It traded above the $0.0692 and $0.0695 levels to move further into a positive zone. Besides, there was a break above a key bearish trend line with resistance near $0.0695 a major bullish trend line forming with support near $0.0685 on the 4-hours chart.

A high is formed near $0.0711 and the price is now consolidating gains. It is trading above $0.0700 and the 55 simple moving average (4 hours). On the upside, TRX is facing resistance near the $0.071 level.

The next major resistance is near the $0.072 level. A close above $0.072 could send the price toward the $0.0735 resistance zone. Any more gains might send TRX price toward $0.075, above which the price could even rise toward $0.080.

On the downside, initial support is near the $0.0685 level. There is also a major bullish trend line forming with support near $0.0685 on the 4-hours chart. The trend line is close to the 23.6% Fib retracement level of the upward move from the $0.0640 swing low to the $0.0699 high.

The next major support is now forming near $0.070 or the 23.6% Fib retracement level of the upward move from the $0.0668 swing low to the $0.0711 high.

If there is a downside break below the $0.070 support, the price might revisit the $0.0688 support or the 50% Fib retracement level of the upward move from the $0.0668 swing low to the $0.0711 high. Any more losses might call for a move toward the $0.067 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX’s price is now trading above $0.0688 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.072 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 – $0.0688 and $0.0670.

Key Resistance Levels – $0.071, $0.072, and $0.075.

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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