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- Tron price started a fresh increase from the $0.0710 level against the US Dollar.
- TRX price is now trading above $0.0765 and the 55 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $0.0742 on the 4-hours chart (data feed via Kraken).
- The pair could continue to move up if it breaks the $0.0795 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 $0.0795 resistance.
Tron Price Analysis
In the past few sessions, Tron price started a decent increase from the $0.0710 support zone against the US Dollar. TRX’s price remained well-bid and was able to climb above the $0.0750 zone.
It traded above the $0.0765 and $0.0782 levels to move further into a positive zone. However, the bears were active below the $0.080 level. A high is formed near $0.0798 and the price is now consolidating gains. It is trading above $0.0765 and the 55 simple moving average (4 hours).
On the upside, TRX is facing resistance near the $0.0795 level. The next major resistance is near the $0.080 level. A close above $0.080 could send the price toward the $0.0825 resistance zone.
Any more gains might send TRX price toward $0.085, above which the price could even rise toward $0.088. On the downside, initial support is near the $0.0768 level or the 23.6% Fib retracement level of the upward move from the $0.0668 swing low to the $0.0798 high.
There is also a major bullish trend line forming with support near $0.0642 on the 4-hours chart. The next major support is now forming near $0.0732 or the 50% Fib retracement level of the upward move from the $0.0668 swing low to the $0.0798 high.
If there is a downside break below the $0.0732 support, the price might revisit the $0.0710 support. Any more losses might call for a move toward the $0.0700 zone in the near term.
The chart indicates that TRX’s price is now trading above $0.0765 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.0795 resistance zone.
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 – $0.0765 and $0.0742.
Key Resistance Levels – $0.0795, $0.080, and $0.085.