• Tron price formed a base above the $0.0550 level and corrected higher against the US Dollar.
  • TRX price is now trading nicely above $0.0700 and the 55 simple moving average (4-hours).
  • There was a break above a crucial contracting triangle with resistance near $0.0740 on the 4-hours chart (data feed via Bitfinex).
  • The pair is likely to start a steady increase towards the $0.0950 and $0.1000 levels in the near term.

TRON price is showing positive signs above $0.0700 against the US Dollar, similar to bitcoin. TRX price must surpass $0.0800 and $0.0820 to start a steady increase.

Tron Price Analysis

After a downside break below $0.1000, tron price extended its decline against the US Dollar. TRX price broke the $0.0800 support level and the 55 simple moving average (4-hours).

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It even declined below the $0.0650 support level. Finally, the price traded as low as $0.0565 and it recently started an upside correction. It recovered above the $0.0620 and $0.0700 levels. The price broke the $0.0720 level and the 55 simple moving average (4-hours).

There was a also break above the 23.6% Fib retracement level of the key drop from the $0.1312 swing high to $0.0565 low. Moreover, there was a break above a crucial contracting triangle with resistance near $0.0740 on the 4-hours chart.

On the upside, an immediate resistance is near the $0.0800 level. The first major resistance is near the $0.0940 level. It is close to the 50% Fib retracement level of the key drop from the $0.1312 swing high to $0.0565 low.

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A successful upside break above the $0.0940 resistance zone could open the doors for a steady increase towards $0.1000 or even $0.1200.

On the downside, an immediate support is near the $0.0650 level. The next key support is near the $0.060 level, below which there is a risk of a drop towards the $0.0500 support.

Tron (TRX) Price

Tron (TRX) Price

The chart indicates that TRX price is moving nicely above $0.0700 and the 55 simple moving average (4-hours). Overall, the price likely to start a steady increase towards the $0.0950 and $0.1000 levels in the near term.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bullish zone.

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4 hours RSI – The RSI for TRX/USD is now above the 50 level.

Key Support Levels – $0.0650 and $0.0550.

Key Resistance Levels – $0.0800, $0.0940 and $0.1000.

Tags: TRON, trx


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