Tron (TRX) Price Analysis: More Gains Possible Above $0.105

  • Tron price is forming a base above the $0.1000 zone against the US Dollar.
  • TRX price is now trading above $0.1000 and the 55 simple moving average (4-hours).
  • There is a connecting bullish trend line forming with support near $0.0995 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a major increase if there is a clear break above the $0.1050 resistance.

TRON price remained well bid above $0.0980 against the US Dollar, similar to bitcoin. TRX price is rising, but it must clear $0.1050 for more upsides.

Tron Price Analysis

After a close above $0.1000, tron price made another attempt to clear $0.1050 level against the US Dollar. TRX price failed to clear the $0.1050 resistance and corrected lower.

A high was formed $0.1057 before the price dipped below $0.1040. The price declined below the 50% Fib retracement level of the upward move from the $0.0977 swing low to $0.1057 high. The price is now trading above the $0.1000 support level and the 55 simple moving average (4-hours).

On the downside, an initial support is near the $0.1000 level. The first major support is now forming near $0.0995. There is also a connecting bullish trend line forming with support near $0.0995 on the 4-hours chart.

The trend line is close to the 61.8% Fib retracement level of the upward move from the $0.0977 swing low to $0.1057 high. Any more losses might call for a decline towards the $0.0970 level. The next major support is near the $0.0920 level in the near term.

On the upside, an initial resistance is near the $0.1035 level. The first major resistance is near the $0.1050 level. A close above $0.1050 and $0.1055 is must for a fresh increase.

In the stated case, the price could rise towards the $0.1120 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.1200 level.

Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.1000 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $0.1050 resistance.

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 now above the 50 level.

Key Support Levels – $0.1000 and $0.0970.

Key Resistance Levels – $0.1035, $0.1050 and $0.1120.

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