- Tron price started a fresh increase above the $0.0865 level against the US Dollar.
- TRX price is now trading above $0.0880 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.0875 on the 4-hour chart (data feed via Kraken).
- The pair could continue to rise if it clears the $0.092 resistance zone.
TRON price started a fresh increase above $0.0880 against the US Dollar, outpacing Bitcoin. TRX’s price could rise further if it clears the $0.092 resistance.
Tron Price Analysis
In the past few days, Tron price started a steady increase above the $0.082 support zone against the US Dollar. TRX’s price managed to settle above the $0.085 zone.
The bulls even pushed the price above the $0.0865 and $0.0880 levels. They are now attempting a clear move above the $0.0920 resistance zone. A high is formed near $0.0910 and the price is now consolidating gains. It declined a few points below $0.090.
There was a move below the 23.6% Fib retracement level of the recent increase from the $0.0828 swing low to the $0.0910 high. It is trading above $0.080 and the 55 simple moving average (4 hours).
On the upside, TRX is facing resistance near the $0.091 level. The next major resistance is near the $0.092 level. A close above $0.092 could send the price toward the $0.0950 resistance zone. Any more gains might send TRX price toward $0.0988 above which the price could even rise toward $0.10.
On the downside, initial support is near the $0.0875 level. There is also a key bullish trend line forming with support near $0.0875 on the 4-hour chart.
The next major support is now forming near $0.0868 or the 61.8% Fib retracement level of the recent increase from the $0.0828 swing low to the $0.0910 high, below which it could test $0.0820. If there is a downside break below the $0.0820 support, the price might revisit the $0.080 support. Any more losses might call for a move toward the $0.0770 zone in the near term.
The chart indicates that TRX’s price is now trading above $0.0880 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it settles above the $0.092 resistance zone.
Technical Indicators
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 – $0.0920 and $0.0950.
Key Resistance Levels – $0.0875, $0.0868, and $0.0820.
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