Tron (TRX) Price Analysis: More Gains Possible Above $0.055

TRON price started a fresh increase above $0.0542 against the US Dollar, similar bitcoin. TRX price could rise further if it clears the $0.056 resistance.

Tron Price Analysis

This past week, tron price retested the key $0.050 support zone against the US Dollar. TRX price remained well bid and started a decent increase from the $0.052 zone.

It traded above the $0.0525 and $0.0530 resistance levels to move into a positive zone. During the increase, there was a break above a major bearish trend line with resistance near $0.0525 on the 4-hours chart. The price traded as high as $0.0567 and is currently correcting lower.

There was a move below the $0.0555 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.0497 swing low to $0.0567 high.

It is now trading above $0.0542 and the 55 simple moving average (4-hours). On the upside, TRX is facing resistance near the $0.0556 level.

The first major resistance is near the $0.0560 level. A close above $0.0560 is must for a fresh increase. In the stated case, the price could rise towards the $0.0588 resistance in the near term.

Any more gains might send trx price towards $0.065. On the downside, an initial support is near the $0.0540 level or the 55 simple moving average (4-hours). The next major support is now forming near $0.0532. It is near the 50% Fib retracement level of the upward move from the $0.0497 swing low to $0.0567 high.

If there is a downside break below the $0.0532 support, the price might revisit the $0.0500 support. Any more losses might call for a move towards the $0.0450 zone in the near term.

Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.0542 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it breaks the $0.0560 resistance zone.

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 above the 50 level.

Key Support Levels – $0.0540 and $0.0532.

Key Resistance Levels – $0.0555, $0.056 and $0.062.

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