Tron (TRX) Price Analysis: Breakout Zone Near $0.1020

TRON price remained well bid above $0.0850 against the US Dollar, similar to bitcoin. TRX price is rising, but it must clear $0.1020 for more upsides.

Tron Price Analysis

After a major decline, tron price found support near the $0.0825 level against the US Dollar. TRX price started a steady increase and it was able to clear the $0.0900 resistance zone.

There was a break above a key bearish trend line with resistance near $0.0900 on the 4-hours chart. The pair was able to settle above the $0.0900 level and the 55 simple moving average (4-hours). It even surpassed the 23.6% Fib retracement level of the key decline from the $0.1228 swing high to $0.0825 low.

It is now facing resistance near the $0.1000 level. The first major resistance is near the $0.1020 level. It is near 50% Fib retracement level of the key decline from the $0.1228 swing high to $0.0825 low.

A close above $0.1000 and $0.1020 is must for a fresh increase. In the stated case, the price could rise towards the $0.1200 resistance in the near term. On the downside, an initial support is near the $0.0920 level. The first major support is now forming near $0.0900 and the 55 simple moving average (4-hours).

Any more losses might call for a sharp decline towards the $0.0820 level. The next major support below $0.0820 could be near the $0.0750 zone. Any more losses could lead the price towards the $0.0620 level in the near term.

Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.0900 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $0.1020 resistance.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly losing 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 – $0.1000, $0.1020 and $0.1200.

Source: Read Full Article