- Tron price started a decent increase above the $0.0620 level against the US Dollar.
- TRX price is now trading below $0.0680 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.0650 on the 4-hours chart (data feed via Bitfinex).
- The pair could continue to move up if it stays above the $0.0622 support zone.
TRON price started a fresh increase above $0.0650 against the US Dollar, similar to bitcoin. TRX price could rally further if it climbs above $0.0680.
Tron Price Analysis
After forming a base above the $0.0550, tron price started a fresh increase against the US Dollar. TRX price traded above the $0.0650 and $0.0680 resistance levels to move into a positive zone.
However, the price failed to clear the $0.0720 zone and corrected lower. There was a move below the $0.0650 level, but the bulls were active near the $0.0622 zone. A low was formed near $0.0622 and the price corrected higher.
There was a clear move above the $0.0650 resistance zone. It tested the $0.0680 resistance and remained below the 55 simple moving average (4-hours). It also tested the 50% Fib retracement level of the recent decline from the $0.0711 swing high to $0.0622 low.
An immediate resistance on the upside is near the $0.0670 level. The next major resistance is near the $0.0680 level. It is near the 61.8% Fib retracement level of the recent decline from the $0.0711 swing high to $0.0622 low.
A close above $0.0680 is must for a fresh increase. In the stated case, the price could rise towards the $0.0720 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.0780 level.
On the downside, an initial support is near the $0.0650 level. There is also a key bullish trend line forming with support near $0.0650 on the 4-hours chart. The next major support is now forming near $0.0635. The main support is near the $0.0622 level, below which there is a risk of a larger decline.
The chart indicates that TRX price is now trading above $0.0680 and near the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $0.0622 support zone.
4 hours MACD – The MACD for TRX/USD is slowly losing momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is above the 50 level.
Key Support Levels – $0.0650 and $0.0622.
Key Resistance Levels – $0.0670, $0.0680 and $0.0720.