- Tron price started a fresh increase from the $0.0725 level against the US Dollar.
- TRX price is now trading below $0.0780 and the 55 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $0.0770 on the 4-hours chart (data feed via Kraken).
- The pair could continue to move up if it breaks the $0.078 resistance zone.
TRON price started a fresh increase above $0.0755 against the US Dollar, similar to Bitcoin. TRX’s price could rise further if it clears the $0.078 resistance.
Tron Price Analysis
After a downside correction, Tron price found support near the $0.0760 zone against the US Dollar. TRX’s price formed a base and recently started a fresh increase from the $0.0762 low.
There was a break above the $0.0770 and $0.0775 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.0804 swing high to the $0.0762 low. TRX is now trading below $0.078 and the 55 simple moving average (4 hours).
There is also a major bullish trend line forming with support near $0.0770 on the 4-hours chart. On the upside, TRX is facing resistance near the $0.0782 level. It is close to the 50% Fib retracement level of the downward move from the $0.0804 swing high to the $0.0762 low.
The next major resistance is near the $0.080 level. A close above $0.080 could send the price toward the $0.0820 resistance zone.
Any more gains might send TRX price toward $0.0832, above which the price could even rise toward $0.085. On the downside, initial support is near the $0.077 level and the trend line. The next major support is now forming near $0.0760.
If there is a downside break below the $0.0760 support, the price might revisit the $0.0720 support. Any more losses might call for a move toward the $0.070 zone in the near term.
The chart indicates that TRX’s price is now trading below $0.078 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.080 resistance zone.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is now losing momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is below the 50 level.
Key Support Levels – $0.077 and $0.076.
Key Resistance Levels – $0.078, $0.082, and $0.085.
