HomeAltcoin NewsTron (TRX) Price Analysis: More Upsides Possible Above $0.092

Tron (TRX) Price Analysis: More Upsides Possible Above $0.092

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  • Tron price started a fresh increase above the $0.0865 level against the US Dollar.
  • TRX price is now trading above $0.0880 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.0875 on the 4-hour chart (data feed via Kraken).
  • The pair could continue to rise if it clears the $0.092 resistance zone.

TRON price started a fresh increase above $0.0880 against the US Dollar, outpacing Bitcoin. TRX’s price could rise further if it clears the $0.092 resistance.

Tron Price Analysis

In the past few days, Tron price started a steady increase above the $0.082 support zone against the US Dollar. TRX’s price managed to settle above the $0.085 zone.

The bulls even pushed the price above the $0.0865 and $0.0880 levels. They are now attempting a clear move above the $0.0920 resistance zone. A high is formed near $0.0910 and the price is now consolidating gains. It declined a few points below $0.090.

There was a move below the 23.6% Fib retracement level of the recent increase from the $0.0828 swing low to the $0.0910 high. It is trading above $0.080 and the 55 simple moving average (4 hours).

On the upside, TRX is facing resistance near the $0.091 level. The next major resistance is near the $0.092 level. A close above $0.092 could send the price toward the $0.0950 resistance zone. Any more gains might send TRX price toward $0.0988 above which the price could even rise toward $0.10.

On the downside, initial support is near the $0.0875 level. There is also a key bullish trend line forming with support near $0.0875 on the 4-hour chart.

The next major support is now forming near $0.0868 or the 61.8% Fib retracement level of the recent increase from the $0.0828 swing low to the $0.0910 high, below which it could test $0.0820. If there is a downside break below the $0.0820 support, the price might revisit the $0.080 support. Any more losses might call for a move toward the $0.0770 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX’s price is now trading above $0.0880 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it settles above the $0.092 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 – $0.0920 and $0.0950.

Key Resistance Levels – $0.0875, $0.0868, 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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