Tron (TRX) Price Analysis: Recovery Possible If It Breaks $0.07
TRON price started a fresh decline below $0.0780 against the US Dollar, similar to bitcoin. TRX price is recovering, but it must clear $0.0700 for a steady wave.
Tron Price Analysis
After facing resistance, tron price started a fresh decline below the $0.0750 level against the US Dollar. TRX price broke the $0.0700 support level to enter a bearish zone.
It even traded below the $0.0650 level and settled below the 55 simple moving average (4-hours). A low was formed near $0.0611, and the price started a recovery wave. There was a break above the $0.0630 level. The price moved above the 23.6% Fib retracement level of the downward move from the $0.0783 swing high to $0.0611 low.
Besides, there was a break above a key bearish trend line with resistance near $0.0650 on the 4-hours chart. It is now trading below $0.0700 and near the 55 simple moving average (4-hours).
An immediate resistance on the upside is near the $0.0670 level. The next major resistance is near the $0.0700 level and the 55 simple moving average (4-hours). It is near the 50% Fib retracement level of the downward move from the $0.0783 swing high to $0.0611 low.
A close above $0.0700 is must for a fresh increase. In the stated case, the price could rise towards the $0.0780 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.0850 level.
On the downside, an initial support is near the $0.06320 level. The first major support is now forming near $0.0620. The next major is near the $0.0600 level. Any more losses might call for a move towards the $0.0550 level.
Tron (TRX) Price
The chart indicates that TRX price is now trading below $0.0700 and near the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $0.0700 resistance.
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 near the 50 level.
Key Support Levels – $0.0620 and $0.0600.
Key Resistance Levels – $0.0680, $0.0700 and $0.0750.
Source: Read Full Article