Tron (TRX) Price Analysis: Bulls Could Gain Strength Above $0.102

TRON price remained well bid above $0.0950 against the US Dollar, similar to bitcoin. TRX price is rising, but it must clear $0.1020 for more upsides.

Tron Price Analysis

After a major increase, tron price faced sellers near the $0.1055 level against the US Dollar. TRX price started a downside correction below the $0.0950 level and the 55 simple moving average (4-hours).

However, the bulls appeared near $0.0920. A low was formed near $0.0915 and the price started a fresh increase. There was a move above the $0.0935 and $0.0950 resistance levels. The price surpassed the 50% Fib retracement level of the downward move from the $0.1055 swing high to $0.0915 low.

The price is now trading above $0.1000 and the 55 simple moving average (4-hours). The first major resistance is near the $0.1020 level. It is near the 76.4% Fib retracement level of the downward move from the $0.1055 swing high to $0.0915 low.

A close above $0.1020 and $0.1025 is must for a fresh increase. In the stated case, the price could rise towards the $0.1055 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.1120 level.

On the downside, an initial support is near the $0.0985 level. The first major support is now forming near $0.0980. There is also a key bullish trend line forming with support near $0.0985 on the 4-hours chart. Any more losses might call for a sharp decline towards the $0.0915 level. The next major support is near the $0.0850 level 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 a major increase if there is a clear break above the $0.1020 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 – $0.0980 and $0.0915.

Key Resistance Levels – $0.1020, $0.1055 and $0.1100.

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