HomeAltcoin NewsTron (TRX) Price Analysis: Rally Could Restart Above $0.10

Tron (TRX) Price Analysis: Rally Could Restart Above $0.10

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  • Tron price is forming a base above the $0.0920 zone against the US Dollar.
  • TRX price is now trading below $0.1000 and the 55 simple moving average (4-hours).
  • There was a break below a major ascending channel with support near $0.0990 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a major increase if there is a clear break above the $0.1000 resistance.

TRON price remained well bid above $0.0880 against the US Dollar, similar to bitcoin. TRX price is rising, but it must clear $0.1000 for more upsides.

Tron Price Analysis

After a major increase, tron price faced sellers near the $0.1055 level against the US Dollar. TRX price started a downside correction below the $0.1000 level and the 55 simple moving average (4-hours).

There was also a break below a major ascending channel with support near $0.0990 on the 4-hours chart. There was a break below the 50% Fib retracement level of the upward move from the $0.0825 swing low to $0.1055 swing high.

However, the bulls were active near the $0.0880 level. The price also found support near the 61.8% Fib retracement level of the upward move from the $0.0825 swing low to $0.1055 swing high.

It is now facing resistance near the $0.0980 level and the 55 simple moving average (4-hours). The first major resistance is near the $0.1000 level. A close above $0.1000 and $0.1020 is must for a fresh increase. In the stated case, the price could rise towards the $0.1100 resistance in the near term.

On the downside, an initial support is near the $0.0950 level. The first major support is now forming near $0.0920. Any more losses might call for a sharp decline towards the $0.0800 level. The next major support is near the $0.0750 level in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading below $0.1000 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $0.1000 resistance.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bullish zone.

4 hours RSI – The RSI for TRX/USD is now above the 50 level.

Key Support Levels – $0.0920 and $0.0900.

Key Resistance Levels – $0.0980, $0.1000 and $0.1100.

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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