Tron (TRX) Price Analysis: Holding Gains above $0.062

TRON price is trading in a positive zone above $0.0600 against the US Dollar, similar to bitcoin. TRX price is likely to start a fresh increase unless it breaks the $0.0600 support.

Tron Price Analysis

After forming a base above the $0.0500 level, tron price started a fresh increase against the US Dollar. TRX price broke many important hurdles near $0.0550 to move into a positive zone.

The price even broke the $0.0600 resistance and the 55 simple moving average (4-hours). The price gained strength and surpassed the $0.0620 level. A high was formed near $0.0667 before there was a downside correction.

There was a break below the $0.0650 support level. Tron price declined below the 23.6% Fib retracement level of the upward move from the $0.0570 swing low to $0.0667 high.

There was also a break below a major bullish trend line with support near $0.0640 on the 4-hours chart. The price is now trading near the $0.0635 support. The next major support is now forming near the $0.0620 level and the 55 simple moving average (4-hours).

The 50% Fib retracement level of the upward move from the $0.0570 swing low to $0.0667 high is also near the $0.0619 level. Any more losses below $0.0620 and $0.0600 might call for a sharp decline.

An initial resistance on the upside is near the $0.0650 level. The first major resistance is near the $0.0665 level. The main resistance is now forming near the $0.0680 level. A close above the $0.0680 level could pump the price above the $0.0700 level.

Tron Price

The chart indicates that TRX price is now trading well above $0.0600 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher as long as it is above the $0.0620 and $0.0600 support levels.

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 still well above the 50 level.

Key Support Levels – $0.0620 and $0.0600.

Key Resistance Levels – $0.0650, $0.0665 and $0.0700.

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