- Tron price started a decent increase above the $0.0600 level against the US Dollar.
- TRX price is now trading below $0.0640 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.0622 on the 4-hours chart (data feed via Bitfinex).
- The pair could continue to move up if it clears the $0.0640 resistance zone.
TRON price started a fresh increase above $0.0600 against the US Dollar, similar to bitcoin. TRX price could rally further if it climbs above $0.0640.
Tron Price Analysis
After forming a base above the $0.0590, tron price started a fresh increase against the US Dollar. TRX price traded above the $0.0600 and $0.0612 resistance levels to move into a positive zone.
The price gained pace above the 23.6% Fib retracement level of the recent decline from the $0.0671 swing high to $0.0592 low. Besides, there was a break above a major bearish trend line with resistance near $0.0622 on the 4-hours chart.
The price is now facing resistance near the $0.0632 level. It is near the 50% Fib retracement level of the recent decline from the $0.0671 swing high to $0.0592 low.
The next major resistance is near the $0.0640 level the 55 simple moving average (4-hours). A close above $0.0640 is must for a fresh increase. In the stated case, the price could rise towards the $0.0670 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.0720 level.
On the downside, an initial support is near the $0.0620 level and the broken trend line. The next major support is now forming near $0.0600. If there is a downside break below the $0.0600 support, the price might decline sharply.
In the stated case, the price could test the $0.0565 level. The next major support is near the $0.0550 level, below which there is a risk of a move to $0.0520.
The chart indicates that TRX price is now trading below $0.0640 and near the 55 simple moving average (4-hours). Overall, the price could continue to move up if it clears the $0.0640 resistance zone.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is slowly losing momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is above the 50 level.
Key Support Levels – $0.0620 and $0.0600.
Key Resistance Levels – $0.0632, $0.0640 and $0.0720.
