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

Tron (TRX) Price Analysis: Rally Stable Above $0.10

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  • Tron price started a fresh rally from the $0.0800 support zone against the US Dollar.
  • TRX price is now trading above the $0.1000 support and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.1050 on the 4-hours chart (data feed via Bitfinex).
  • The pair is likely to resume higher if it clears the $0.1300 and $0.1420 resistance levels in the near term.

TRON price is trading in a positive zone above $0.1000 against the US Dollar, similar to bitcoin. TRX price is likely to start a fresh increase as long as it is above $0.1000.

Tron Price Analysis

In the past few days, there was a sharp rise in tron price above the $0.0800 and $0.1000 resistance levels against the US Dollar. TRX price broke many hurdles near $0.1050 to move further into a bullish zone.

A high was formed near $0.1493 and the price settled well above the 55 simple moving average (4-hours). Recently, there was a downside correction below the $0.1400 and $0.1300 support levels. The price even declined below the 23.6% Fib retracement level of the upward move from the $0.0827 low to $0.1493 high.

However, the price remained stable above the $0.1150 support zone. The 50% Fib retracement level of the upward move from the $0.0827 low to $0.1493 high is also acting as a support.

Moreover, there is a key bullish trend line forming with support near $0.1050 on the 4-hours chart. Therefore, the pair is likely to remain well bid above the $0.1050 and $0.1000 support levels. Any more losses might call for a sharp drop to $0.0800.

On the upside, the $0.1300 and $0.1320 levels are key hurdles. A clear break above the $0.1320 level may possibly open the doors for a move towards the $0.1500 level. Any more gains might call for a steady increase towards the $0.1800 resistance it the coming days.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is clearly trading above the $0.1000 support and the 55 simple moving average (4-hours). Overall, the price is likely to resume higher if it clears the $0.1300 and $0.1420 resistance levels in the near term.

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 well above the 50 level.

Key Support Levels – $0.1100 and $0.1050.

Key Resistance Levels – $0.1300, $0.1320 and $0.1500.

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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