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HomeAltcoin NewsTron (TRX) Price Analysis: More Gains Possible Above $0.08

Tron (TRX) Price Analysis: More Gains Possible Above $0.08

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  • Tron price started a fresh increase above the $0.0725 level against the US Dollar.
  • TRX price is now trading above $0.0750 and the 55 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $0.0762 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to move up if it breaks the $0.0785 resistance zone.

TRON price started a fresh increase above $0.0750 against the US Dollar, outpacing Bitcoin. TRX’s price could rise further if it clears the $0.0785 resistance.

Tron Price Analysis

In the past few days, Tron price started a steady increase from the $0.0682 support zone against the US Dollar. TRX’s price remained well-bid and was able to climb above the $0.0725 zone.

It traded above the $0.0750 and $0.0765 levels to move further into a positive zone. Finally, the bears appeared near the $0.0785 level. A high is formed near $0.0783 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward wave from the $0.0680 swing low to the $0.0783 high.

It is trading above $0.0750 and the 55 simple moving average (4 hours). On the upside, TRX is facing resistance near the $0.0785 level. The next major resistance is near the $0.080 level.

A close above $0.080 could send the price toward the $0.0820 resistance zone. Any more gains might send TRX price toward $0.0850, above which the price could even rise toward $0.088. On the downside, initial support is near the $0.0762 level.

There is also a major bullish trend line forming with support near $0.0762 on the 4-hours chart. The next major support is now forming near $0.0750, below which it could test the 50% Fib retracement level of the upward wave from the $0.0680 swing low to the $0.0783 high.

If there is a downside break below the $0.0732 support, the price might revisit the $0.0720 support. Any more losses might call for a move toward the $0.0682 zone in the near term.

Tron (TRX) Price Analysis
Tron (TRX) Price Analysis

The chart indicates that TRX’s price is now trading above $0.0750 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.0785 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 – $0.0762 and $0.0750.

Key Resistance Levels – $0.0785, $0.080, and $0.0820.

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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