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Tron (TRX) Price Analysis: Rally Could Restart Above $0.10

  • Tron price is forming a base above the $0.0920 zone against the US Dollar.
  • TRX price is now trading below $0.1000 and the 55 simple moving average (4-hours).
  • There was a break below a major ascending channel with support near $0.0990 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a major increase if there is a clear break above the $0.1000 resistance.

TRON price remained well bid above $0.0880 against the US Dollar, similar to bitcoin. TRX price is rising, but it must clear $0.1000 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 $0.1000 level and the 55 simple moving average (4-hours).

There was also a break below a major ascending channel with support near $0.0990 on the 4-hours chart. There was a break below the 50% Fib retracement level of the upward move from the $0.0825 swing low to $0.1055 swing high.

However, the bulls were active near the $0.0880 level. The price also found support near the 61.8% Fib retracement level of the upward move from the $0.0825 swing low to $0.1055 swing high.

It is now facing resistance near the $0.0980 level and the 55 simple moving average (4-hours). The first major resistance is near the $0.1000 level. A close above $0.1000 and $0.1020 is must for a fresh increase. In the stated case, the price could rise towards the $0.1100 resistance in the near term.

On the downside, an initial support is near the $0.0950 level. The first major support is now forming near $0.0920. Any more losses might call for a sharp decline towards the $0.0800 level. The next major support is near the $0.0750 level in the near term.

Tron (TRX) Price

Tron (TRX) Price

The chart indicates that TRX price is now trading below $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 $0.1000 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 – $0.0920 and $0.0900.

Key Resistance Levels – $0.0980, $0.1000 and $0.1100.

Tags: TRON, trx

Source: livebitcoinnews.com
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