Tron (TRX) Price Analysis: Bulls Aim Rally above $0.12
TRON price gained traction above $0.1000 against the US Dollar, similar to bitcoin. TRX price is likely to resume its rally unless it declines below $0.1000.
Tron Price Analysis
After forming a base above the $0.0800 level, tron price started a fresh increase against the US Dollar. TRX price broke the $0.1000 resistance zone to move into a positive zone.
The price even broke the $0.1050 resistance and settled above the 55 simple moving average (4-hours). Finally, it tested the $0.1200 level and it is now consolidating gains. On the downside, an initial support is near the $0.1150 level.
The 23.6% Fib retracement level of the recent increase from the $0.0986 swing low to $0.1200 zone is also near the $0.1150 level. The main support is now forming near $0.1080.
There is also a major bullish trend line forming with support near $0.1085 on the 4-hours chart. The trend line is close to the 50% Fib retracement level of the recent increase from the $0.0986 swing low. Any more losses might call for a sharp decline towards the $0.1000 level. The next major support below $0.1000 could be near the $0.0920 zone.
An initial resistance is near the $0.1180 level. The first major resistance is near the $0.1200 level, above which the price could rise towards the $0.1280 level. Any more gains could set the pace for a move towards the main $0.1350 resistance zone. The next major stop for the bulls could be $0.1500 in the near term.
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 another increase if there is a clear break above the $0.1200 resistance.
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 now well above the 50 level.
Key Support Levels – $0.1150 and $0.1080.
Key Resistance Levels – $0.1200, $0.1280 and $0.1350.
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