Tron (TRX) Price Analysis: Bullish Break Signals More Gains
TRON price started a fresh increase above $0.0685 against the US Dollar, outperforming Bitcoin. TRX’s price could rise further if it clears the $0.070 resistance.
Tron Price Analysis
In the past few sessions, Tron price started a decent increase from the $0.0672 support zone against the US Dollar. TRX’s price remained well-bid and was able to climb above the $0.0685 zone.
It traded above the $0.0690 and $0.0692 levels to move further into a positive zone. A high is formed near $0.0699 and the price is now consolidating gains. It is trading above $0.0680 and the 55 simple moving average (4 hours). On the upside, TRX is facing resistance near the $0.0695 level.
The next major resistance is near the $0.070 level. A close above $0.070 could send the price toward the $0.0725 resistance zone. Any more gains might send TRX price toward $0.075, above which the price could even rise toward $0.080.
On the downside, initial support is near the $0.0685 level. There is also a major bullish trend line forming with support near $0.0685 on the 4-hours chart. The trend line is close to the 23.6% Fib retracement level of the upward move from the $0.0640 swing low to the $0.0699 high.
The next major support is now forming near $0.0670 or the 50% Fib retracement level of the upward move from the $0.0640 swing low to the $0.0699 high.
If there is a downside break below the $0.0670 support, the price might revisit the $0.064 support. Any more losses might call for a move toward the $0.0625 zone in the near term.
Tron (TRX) Price
The chart indicates that TRX’s price is now trading above $0.0685 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.070 resistance zone.
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 – $0.0685 and $0.0670.
Key Resistance Levels – $0.0695, $0.070, and $0.0725.
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