- Tron price started a fresh increase from the $0.0672 level against the US Dollar.
- TRX price is now trading above $0.0700 and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $0.0695 a major bullish trend line forming with support near $0.0685 on the 4-hours chart (data feed via Kraken).
- The pair could continue to move up if it breaks the $0.072 resistance zone.
TRON price started a fresh increase above $0.0695 against the US Dollar, similar to Bitcoin. TRX’s price could rise further if it clears the $0.070 resistance.
Tron Price Analysis
In the past few sessions, Tron price started a decent increase from the $0.0670 support zone against the US Dollar. TRX’s price remained well-bid and was able to climb above the $0.0688 zone.
It traded above the $0.0692 and $0.0695 levels to move further into a positive zone. Besides, there was a break above a key bearish trend line with resistance near $0.0695 a major bullish trend line forming with support near $0.0685 on the 4-hours chart.
A high is formed near $0.0711 and the price is now consolidating gains. It is trading above $0.0700 and the 55 simple moving average (4 hours). On the upside, TRX is facing resistance near the $0.071 level.
The next major resistance is near the $0.072 level. A close above $0.072 could send the price toward the $0.0735 resistance zone. Any more gains might send TRX price toward $0.075, above which the price could even rise toward $0.080.
On the downside, initial support is near the $0.0685 level. There is also a major bullish trend line forming with support near $0.0685 on the 4-hours chart. The trend line is close to the 23.6% Fib retracement level of the upward move from the $0.0640 swing low to the $0.0699 high.
The next major support is now forming near $0.070 or the 23.6% Fib retracement level of the upward move from the $0.0668 swing low to the $0.0711 high.
If there is a downside break below the $0.070 support, the price might revisit the $0.0688 support or the 50% Fib retracement level of the upward move from the $0.0668 swing low to the $0.0711 high. Any more losses might call for a move toward the $0.067 zone in the near term.
The chart indicates that TRX’s price is now trading above $0.0688 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.072 resistance zone.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is now gaining momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is above the 50 level.
Key Support Levels – $0.0688 and $0.0670.
Key Resistance Levels – $0.071, $0.072, and $0.075.
