HomeAltcoin NewsTron (TRX) Price Analysis: More Gains Possible Above $0.12

Tron (TRX) Price Analysis: More Gains Possible Above $0.12

Date:

Related stories

Bitcoin and Altcoins Drop Massively in Value Despite Upward Expectations

Despite news this week of inflation rates lower than...

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...
spot_imgspot_img
  • Tron price started a fresh rally above the $0.1050 resistance zone against the US Dollar.
  • TRX price is now trading above $0.1050 and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $0.1040 on the 4-hours chart (data feed via Bitfinex).
  • The pair is correcting gains, but dips are likely to be limited below $0.1100.

TRON price remained well bid above $0.1050 against the US Dollar, similar to bitcoin. TRX price is rising and it could continue to rise above the $0.1200 level.

Tron Price Analysis

After a close above $0.1000, tron price started a fresh increase against the US Dollar. TRX price surged above the $0.1050 and $0.1120 resistance levels to move into a positive zone.

The price even surged above $0.1150 and the 55 simple moving average (4-hours). There was a break above a key bearish trend line with resistance near $0.1040 on the 4-hours chart. A high is formed near $0.1174 and it is now correcting gains.

There was a break below the $0.1150 level. It is now trading near the 23.6% Fib retracement level of the upward move from the $0.0994 swing low to $0.1174 high.

On the downside, an initial support is near the $0.1120 level. The first major support is now forming near $0.1100. The 50% Fib retracement level of the upward move from the $0.0994 swing low to $0.1174 high is the next major support near $0.1085 level.

Any more losses might call for a decline towards the $0.1050 level. The next major support is near the $0.1000 level in the near term. On the upside, an initial resistance is near the $0.1150 level. The first major resistance is near the $0.1180 level. A close above $0.1150 and $0.1180 is must for a fresh increase.

In the stated case, the price could rise towards the $0.1250 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.1250 level.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.1050 and the 55 simple moving average (4-hours). Overall, the price correcting gains, but dips are likely to be limited below $0.1100.

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 now above the 50 level.

Key Support Levels – $0.1120 and $0.1100.

Key Resistance Levels – $0.1150, $0.1180 and $0.1200.

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.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img