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HomeAltcoin NewsTron (TRX) Price Analysis: Uptrend Gaining Pace Above $0.0160

Tron (TRX) Price Analysis: Uptrend Gaining Pace Above $0.0160

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  • Tron price is gaining bullish momentum above the $0.0160 resistance against the US Dollar.
  • TRX price is likely to surpass the $0.0172 and $0.0175 resistance levels in the near term.
  • There is a significant bullish trend line forming with support near $0.0161 on the 4-hours chart (data feed via Bitfinex).
  • The price could correct a few points, but it remains well supported near the $0.0155 level.

TRON price is trading in a steady uptrend against the US Dollar and bitcoin. TRX price is likely to accelerate gains once it clear the $0.0172 resistance area.

Tron Price Analysis

In the past few days, there was a steady rise in TRON price from the $0.0140 support area against the US Dollar. TRX price broke the key $0.0155 resistance area to move into an uptrend. Moreover, there was a close above the $0.0155 resistance and the 55 simple moving average (4-hours). Finally, the price gained pace above the key $0.0160 and $0.01620 resistance levels. A new monthly high was formed near $0.0175 and the price recently corrected lower.

It traded below the $0.0165 support and tested the next key support near the $0.0155. A swing low was formed near $0.01559 and the price is currently climbing higher. It broke the $0.01650 resistance, plus the 50% Fibonacci retracement level of the recent decline from the $0.0175 high to $0.0155 low. At the moment, the price is facing resistance near the $0.0168 level.

It seems like the 61.8% Fibonacci retracement level of the recent decline from the $0.0175 high to $0.0155 low is acting as a resistance. If there is an upside break above $0.0168, the price could even break the $0.0172 resistance level. Any further gains may perhaps set the pace for a move towards the $0.0180 level in the coming days. On the downside, there are many supports near the $0.0162 and $0.0160 levels.

Moreover, there is a significant bullish trend line forming with support near $0.0161 on the 4-hours chart. Below the trend line, the next key support is near the $0.0155 level. To start a major downside correction, the bears need to push the price below the $0.0150 level, with a daily close below the 55 simple moving average (4-hours).

Tron Price Analysis TRX Chart

The chart indicates that TRX price is clearly trading in a steady uptrend above the $0.0160 support area. Therefore, there are high chances of more gains above $0.0172 and $0.0175 in the near term.

Technical Indicators

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

4 hours RSI – The RSI for TRX/USD is currently moving higher towards the 70 level.

Key Support Levels – $0.0160 and $0.0155.

Key Resistance Levels – $0.0172, $0.0175 and $0.0180.

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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