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HomeAltcoin NewsTron (TRX) Price Analysis: Upside Break Above $0.055 Likely

Tron (TRX) Price Analysis: Upside Break Above $0.055 Likely

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  • Tron price is slowly moving higher towards the $0.0550 resistance against the US Dollar.
  • TRX price is now trading above the $0.0500 support and the 55 simple moving average (4-hours).
  • There is a key rising channel forming with support near $0.0485 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a fresh rally if it clears the $0.0535 and $0.0550 resistance levels in the near term.

TRON price is showing positive signs above $0.0500 against the US Dollar, similar to bitcoin. TRX price must settle above $0.0550 to continue higher in the near term.

Tron Price Analysis

In the past few days, there was a steady increase in tron price above the $0.0450 pivot level against the US Dollar. TRX price even broke the $0.0500 resistance level to move further into a bullish zone.

It is now trading above the $0.0500 support and the 55 simple moving average (4-hours). The price is now facing hurdles near the $0.0535 and $0.0540 levels. A high is formed near $0.0537 and the price is now consolidating gains.

An initial support is near the $0.0500 level and the 55 simple moving average (4-hours). The 23.6% retracement level of the recent increase from the $0.0380 low to $0.0537 high is also near $0.0500.

There is also a key rising channel forming with support near $0.0485 on the 4-hours chart. If there is a downside break below the channel support, the pair could dip towards the $0.0450 support. The 50% retracement level of the recent increase from the $0.0380 low to $0.0537 high is also near $0.0450.

Any more losses might call for a test of the $0.0410 support. On the upside, the price is facing hurdles near the $0.0535 and $0.0550 levels. Therefore, a clear break above the $0.0535 and $0.0550 resistance levels could start a strong increase. The next major resistance is near $0.0600, above which the price could rally towards $0.0680.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is clearly trading above the $0.0500 support and the 55 simple moving average (4-hours). Overall, the price could start a fresh rally if it clears the $0.0535 and $0.0550 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 – $0.0500 and $0.0485.

Key Resistance Levels – $0.0535, $0.0550 and $0.0600.

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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