- Tron price started a fresh increase above the $0.0725 level against the US Dollar.
- TRX price is now trading above $0.0750 and the 55 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $0.0762 on the 4-hours chart (data feed via Kraken).
- The pair could continue to move up if it breaks the $0.0785 resistance zone.
TRON price started a fresh increase above $0.0750 against the US Dollar, outpacing Bitcoin. TRX’s price could rise further if it clears the $0.0785 resistance.
Tron Price Analysis
In the past few days, Tron price started a steady increase from the $0.0682 support zone against the US Dollar. TRX’s price remained well-bid and was able to climb above the $0.0725 zone.
It traded above the $0.0750 and $0.0765 levels to move further into a positive zone. Finally, the bears appeared near the $0.0785 level. A high is formed near $0.0783 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward wave from the $0.0680 swing low to the $0.0783 high.
It is trading above $0.0750 and the 55 simple moving average (4 hours). On the upside, TRX is facing resistance near the $0.0785 level. 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 $0.0850, above which the price could even rise toward $0.088. On the downside, initial support is near the $0.0762 level.
There is also a major bullish trend line forming with support near $0.0762 on the 4-hours chart. The next major support is now forming near $0.0750, below which it could test the 50% Fib retracement level of the upward wave from the $0.0680 swing low to the $0.0783 high.
If there is a downside break below the $0.0732 support, the price might revisit the $0.0720 support. Any more losses might call for a move toward the $0.0682 zone in the near term.
The chart indicates that TRX’s price is now trading above $0.0750 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.0785 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 – $0.0762 and $0.0750.
Key Resistance Levels – $0.0785, $0.080, and $0.0820.
