Tron (TRX) Price Analysis: Bulls Aim Fresh Increase To $0.075

TRON price started a fresh increase above $0.068 against the US Dollar, similar bitcoin. TRX price could rise further if it clears the $0.070 resistance.

Tron Price Analysis

In the past few sessions, tron price started a decent increase from the $0.066 support zone against the US Dollar. TRX price remained well bid and started a decent increase above the $0.0675 zone.

It traded above the $0.0680 and $0.0685 resistance levels to move into a positive zone. The price even spiked above the $0.0690 zone. It is now trading above $0.068 and the 55 simple moving average (4-hours). On the upside, TRX is facing resistance near the $0.0700 level.

It is near the 50% Fib retracement level of the downward move from the $0.0730 swing high to $0.0668 low. The next major resistance is near the $0.0708 level.

The 61.8% Fib retracement level of the downward move from the $0.0730 swing high to $0.0668 low is also near the $0.0708 level. A close above $0.0708 could send the price towards the $0.0720 resistance zone. Any more gains might send trx price towards $0.075.

On the downside, an initial support is near the $0.0680 level. There is also a key bullish trend line forming with support near $0.0680 on the 4-hours chart.

The next major support is now forming near $0.066. If there is a downside break below the $0.066 support, the price might revisit the $0.062 support. Any more losses might call for a move towards the $0.0600 zone in the near term.

Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.068 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it breaks the $0.070 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 – $0.0680 and $0.0660.

Key Resistance Levels – $0.0700, $0.0720 and $0.075.

Source: Read Full Article