HomeAltcoin NewsTron (TRX) Price Analysis: Path To $0.10 Is Still Open

Tron (TRX) Price Analysis: Path To $0.10 Is Still Open

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  • Tron price started a fresh increase above the $0.080 level against the US Dollar.
  • TRX price is now trading above $0.0830 and the 55 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $0.0842 on the 4-hour chart (data feed via Kraken).
  • The pair could continue to move up if it breaks the $0.085 resistance zone.

TRON price started a fresh increase above $0.0820 against the US Dollar, outpacing Bitcoin. TRX’s price could rise further if it clears the $0.085 resistance.

Tron Price Analysis

In the past few days, Tron price started a steady increase from the $0.0770 support zone against the US Dollar. TRX’s price remained well-bid and was able to climb above the $0.080 zone.

It traded above the $0.0820 and $0.0832 levels to move further into a positive zone. Finally, the bears appeared near the $0.085 level. A high is formed near $0.0849 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward wave from the $0.0770 swing low to the $0.0849 high.

It is trading above $0.0830 and the 55 simple moving average (4 hours). On the upside, TRX is facing resistance near the $0.085 level. The next major resistance is near the $0.0888 level.

A close above $0.0888 could send the price toward the $0.0920 resistance zone. Any more gains might send TRX price toward $0.0950, above which the price could even rise toward $0.10. On the downside, initial support is near the $0.0842 level.

There is also a major bullish trend line forming with support near $0.0842 on the 4-hour chart. The next major support is now forming near $0.082, below which it could test the 50% Fib retracement level of the upward wave from the $0.0770 swing low to the $0.0849 high at $0.0810.

If there is a downside break below the $0.0800 support, the price might revisit the $0.0770 support. Any more losses might call for a move toward the $0.0752 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX’s price is now trading above $0.0830 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.085 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 – $0.0840 and $0.0820.

Key Resistance Levels – $0.085, $0.0888, and $0.0950.

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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