HomeAltcoin NewsTron (TRX) Price Analysis: Rally Possible If It Clears $0.065

Tron (TRX) Price Analysis: Rally Possible If It Clears $0.065

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  • Tron price started a decent increase from the $0.0575 level against the US Dollar.
  • TRX price is now trading above $0.0600 and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $0.0602 on the 4-hours chart (data feed via Bitfinex).
  • The pair could continue to move up if it clears the $0.0630 resistance zone and then $0.0650.

TRON price started a fresh increase above $0.0600 against the US Dollar, similar to bitcoin. TRX price could rally further if it climbs above $0.0650.

Tron Price Analysis

After another decline, tron price found support near the $0.0575 level against the US Dollar. TRX price formed a base above the $0.0575 level and started a fresh increase.

It traded above the $0.0585 and $0.0600 resistance levels to move into a positive zone. The price gained pace above the 50% Fib retracement level of the recent drop from the $0.0629 swing high to $0.0575 low. Besides, there was a break above a key bearish trend line with resistance near $0.0602 on the 4-hours chart.

The price is now facing resistance near the $0.0630 level. The next major resistance is near the $0.0642 level. It is near the 1.236 Fib extension level of the recent drop from the $0.0629 swing high to $0.0575 low.

The main barrier is near $0.0650. A close above $0.0650 is must for a fresh increase. In the stated case, the price could rise towards the $0.0700 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.0750 level.

On the downside, an initial support is near the $0.0602 level and the broken trend line. The next major support is now forming near $0.0588. If there is a downside break below the $0.0588 support, the price might revisit the $0.0550 support. Any more losses might call for a move towards the $0.0520 zone in the near term.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.0600 and near the 55 simple moving average (4-hours). Overall, the price could continue to move up if it clears the $0.0630 resistance zone and then $0.0650.

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 above the 50 level.

Key Support Levels – $0.0602 and $0.0588.

Key Resistance Levels – $0.0630, $0.0642 and $0.0700.

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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