HomeAltcoin NewsTron (TRX) Price Analysis: Signs of A Strong Rally To $0.02

Tron (TRX) Price Analysis: Signs of A Strong Rally To $0.02

Date:

Related stories

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...

Solana (SOL) Price Analysis: Dips Attractive Near $135

Solana price started a downside correction from the...
spot_imgspot_img
  • Tron price is trading in a positive zone above the $0.0160 resistance zone against the US Dollar.
  • TRX price is facing a short term hurdle near the $0.0172 level.
  • There was a break above a crucial contracting triangle with resistance near $0.0152 on the 4-hours chart (data feed via Bitfinex).
  • The price might accelerate higher towards $0.0185 and $0.0200 if it breaks the $0.0200 barrier.

TRON price is gaining bullish momentum against the US Dollar, similar to bitcoin. TRX price is likely to surpass $0.0175 and continue higher towards the $0.0200 level.

Tron Price Analysis

In the past few days, TRON price followed a bullish path above the $0.0145 and $0.0150 resistance levels against the US Dollar. TRX price even settled nicely above the $0.0155 level and the 55 simple moving average (4-hours).

During the rise, there was a break above a crucial contracting triangle with resistance near $0.0152 on the 4-hours chart. The price is now trading comfortably above the $0.0165 level. Moreover, it is testing the $0.0172 resistance zone.

An initial support is near the $0.0166 level. It is close to the 23.6% Fibonacci retracement level of the recent rise from the $0.0154 low to $0.0171 high. If there are more downsides, the price could test $0.0162.

The 50% Fibonacci retracement level of the recent rise from the $0.0154 low to $0.0171 high is also likely to act as a strong support. The main uptrend support is visible near the $0.0155 level (the last major breakout zone).

Any further losses could lead the price towards the $0.0152 support or the 55 simple moving average (4-hours). Conversely, the price is likely to continue higher above the $0.0172 level.

An initial hurdle on the upside is near the $0.0180 level. The first key resistance is near the $0.0188 level, above which the bulls are likely to aim a test of the all-important $0.0200 resistance zone.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is clearly trading in a strong bullish zone above $0.0165. Therefore, there are chances of a sustained upward move towards the $0.0188 and $0.0200 resistance levels. If not, dips towards the $0.0155 support zone could find a solid buying interest in the near term.

Technical Indicators

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

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

Key Support Levels – $0.0162 and $0.0155.

Key Resistance Levels – $0.0172, $0.0180 and $0.0200.

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.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img