- Tron price started a decent increase from the $0.0465 level against the US Dollar.
- TRX price is now trading above $0.0600 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.0700 on the 4-hours chart (data feed via Bitfinex).
- The pair could continue to move up if it clears the $0.0700 resistance zone and then $0.0720.
TRON price started a fresh increase above $0.0600 against the US Dollar, unlike bitcoin. TRX price could rally further if it climbs above $0.0720.
Tron Price Analysis
After another decline, tron price found support near the $0.0465 level against the US Dollar. TRX price formed a base above the $0.0500 level and started a fresh increase.
It traded above the $0.0550 and $0.0600 resistance levels to move into a positive zone. The price gained pace above the 50% Fib retracement level of the key decline from the $0.0848 swing high to $0.0466 low. It is now trading above $0.0600 and the 55 simple moving average (4-hours).
TRX is now facing resistance near the $0.0700 level. There is also a major bearish trend line forming with resistance near $0.0700 on the 4-hours chart.
The trend line is near the 61.8% Fib retracement level of the key decline from the $0.0848 swing high to $0.0466 low. The next major resistance is near the $0.0700 level. A close above $0.0720 is must for a fresh increase. In the stated case, the price could rise towards the $0.0800 resistance in the near term.
Any more gains could set the pace for a larger increase towards the $0.0880 level. On the downside, an initial support is near the $0.0650 level.
The next major support is now forming near $0.0620. If there is a downside break below the $0.0620 support, the price might revisit the $0.0565 support. Any more losses might call for a move towards the $0.0520 zone in the near term.
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 $0.0700 resistance zone and then $0.0720.
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 – $0.0620 and $0.0600.
Key Resistance Levels – $0.0700, $0.0720 and $0.0800.
