HomeAltcoin NewsTron (TRX) Price Analysis: Recovery Possible If It Breaks $0.07

Tron (TRX) Price Analysis: Recovery Possible If It Breaks $0.07

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  • Tron price started a fresh decline from the $0.0780 resistance against the US Dollar.
  • TRX price is now trading below $0.0700 and near the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $0.0650 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a major increase if there is a clear break above the $0.0700 resistance.

TRON price started a fresh decline below $0.0780 against the US Dollar, similar to bitcoin. TRX price is recovering, but it must clear $0.0700 for a steady wave.

Tron Price Analysis

After facing resistance, tron price started a fresh decline below the $0.0750 level against the US Dollar. TRX price broke the $0.0700 support level to enter a bearish zone.

It even traded below the $0.0650 level and settled below the 55 simple moving average (4-hours). A low was formed near $0.0611, and the price started a recovery wave. There was a break above the $0.0630 level. The price moved above the 23.6% Fib retracement level of the downward move from the $0.0783 swing high to $0.0611 low.

Besides, there was a break above a key bearish trend line with resistance near $0.0650 on the 4-hours chart. It is now trading below $0.0700 and near the 55 simple moving average (4-hours).

An immediate resistance on the upside is near the $0.0670 level. The next major resistance is near the $0.0700 level and the 55 simple moving average (4-hours). It is near the 50% Fib retracement level of the downward move from the $0.0783 swing high to $0.0611 low.

A close above $0.0700 is must for a fresh increase. In the stated case, the price could rise towards the $0.0780 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.0850 level.

On the downside, an initial support is near the $0.06320 level. The first major support is now forming near $0.0620. The next major is near the $0.0600 level. Any more losses might call for a move towards the $0.0550 level.

Tron (TRX) Price
Tron (TRX) Price

The chart indicates that TRX price is now trading below $0.0700 and near the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $0.0700 resistance.

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 near the 50 level.

Key Support Levels – $0.0620 and $0.0600.

Key Resistance Levels – $0.0680, $0.0700 and $0.0750.

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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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