Tron (TRX) Price Analysis: Bulls Aim For Key Bullish Break
TRON price started a fresh increase above $0.0625 against the US Dollar, similar to Bitcoin. TRX’s price could rise further if it clears the $0.0672 resistance.
Tron Price Analysis
In the past few days, Tron price started a decent increase from the $0.0625 support zone against the US Dollar. TRX’s price remained well-bid and was able to climb above the $0.0635 zone.
It traded above the $0.0650 and $0.0650 levels to move into a positive zone. The price is now trading near $0.0660 and the 55 simple moving average (4 hours). It is also testing the 50% Fib retracement level of the recent decline from the $0.0669 swing high to the $0.0652 low.
On the upside, TRX is facing resistance near the $0.0665 level. There is also a key contracting triangle forming with resistance near $0.0665 on the 4-hours chart.
The triangle resistance is close to the 76.4% Fib retracement level of the recent decline from the $0.0669 swing high to the $0.0652 low. The next major resistance is near the $0.0672 level. A close above $0.0672 could send the price toward the $0.0700 resistance zone.
Any more gains might send TRX price toward $0.072, above which the price could even rise toward $0.075. On the downside, initial support is near the $0.0655 level.
The next major support is now forming near $0.0645. If there is a downside break below the $0.0645 support, the price might revisit the $0.0625 support. Any more losses might call for a move toward the $0.060 zone in the near term.
Tron (TRX) Price
The chart indicates that TRX’s price is now trading near $0.0660 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.0672 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 – $0.0655 and $0.0645.
Key Resistance Levels – $0.0665, $0.0672, and $0.070.
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