- Tron price started a fresh increase from the $0.0750 level against the US Dollar.
- TRX price is now trading above $0.0765 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.0792 on the 4-hours chart (data feed via Kraken).
- The pair could continue to move up if it breaks the $0.0808 resistance zone.
TRON price started a fresh increase above $0.0750 against the US Dollar, similar to Bitcoin. TRX’s price could rise further if it clears the $0.0808 resistance.
Tron Price Analysis
After a downside correction, Tron price found support near the $0.0788 zone against the US Dollar. TRX’s price formed a base and recently started a fresh increase from the $0.07883 low.
There was a break above the $0.0792 and $0.0800 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $0.0826 swing high to the $0.0788 low. TRX is now trading above $0.0780 and the 55 simple moving average (4 hours).
There is also a key bullish trend line forming with support near $0.0792 on the 4-hours chart. On the upside, TRX is facing resistance near the $0.0808 level. It is close to the 50% Fib retracement level of the downward wave from the $0.0826 swing high to the $0.0788 low.
The next major resistance is near the $0.082 level. A close above $0.082 could send the price toward the $0.0850 resistance zone.
Any more gains might send TRX price toward $0.0880, above which the price could even rise toward $0.090. On the downside, initial support is near the $0.0792 level and the trend line. The next major support is now forming near $0.0788.
If there is a downside break below the $0.0788 support, the price might revisit the $0.0750 support. Any more losses might call for a move toward the $0.072 zone in the near term.
The chart indicates that TRX’s price is now trading above $0.0765 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.0808 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 – $0.0792 and $0.0788.
Key Resistance Levels – $0.0808, $0.0820, and $0.085.
