- Tron price started a fresh increase above the $0.060 level against the US Dollar.
- TRX price is now trading above $0.062 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.0640 on the 4-hours chart (data feed via Kraken).
- The pair could continue to move up if it breaks the $0.0665 resistance zone.
TRON price started a fresh increase above $0.060 against the US Dollar, similar bitcoin. TRX price could rise further if it clears the $0.0665 resistance.
Tron Price Analysis
In the past few sessions, tron price started a decent increase from the $0.062 support zone against the US Dollar. TRX price remained well bid and started a decent increase above the $0.064 zone.
It traded above the $0.065 and $0.0655 resistance levels to move into a positive zone. The price even spiked above the $0.0660 zone. The price traded as high as $0.0665 and is currently consolidating gains. It is now trading above $0.062 and the 55 simple moving average (4-hours).
On the downside, an initial support is near the $0.0655 level. It is near the 23.6% Fib retracement level of the upward move from the $0.0626 swing low to $0.0665 high.
The next major support is now forming near $0.064. There is also a key bullish trend line forming with support near $0.064 on the 4-hours chart. It is near the 50% Fib retracement level of the upward move from the $0.0626 swing low to $0.0665 high.
If there is a downside break below the $0.064 support, the price might revisit the $0.062 support. Any more losses might call for a move towards the $0.0580 zone in the near term.
On the upside, TRX is facing resistance near the $0.0665 level. The first major resistance is near the $0.0680 level. A close above $0.068 is must for a fresh increase. In the stated case, the price could rise towards the $0.072 resistance in the near term. Any more gains might send trx price towards $0.075.
The chart indicates that TRX price is now trading above $0.062 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it breaks the $0.0665 resistance zone.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is above the 50 level.
Key Support Levels – $0.0640 and $0.0620.
Key Resistance Levels – $0.0665, $0.0680 and $0.072.
