- The price of Tron against the US Dollar began to rise steadily above $0.0600.
- The price of TRX has risen over $0.0620 and the 55-day simple moving average (4-hours).
- On the 4-hours chart, there was a break over a crucial negative trend line with resistance near $0.0608. (data feed via Bitfinex).
If the pair clears the $0.0650 resistance zone, it could continue to rise.
TRON’s price, like bitcoin’s, has begun to rise above $0.0600 versus the US dollar. If the price of TRX rises above $0.0650, it may continue to rise.
Analysis on the Tron Price
The price of tron found support in the $0.055 level versus the US Dollar after a downward spike. TRX price created a base above $0.0550 and began a new upward trend.
It moved into the positive zone after trading over the $0.0580 and $0.0600 resistance levels. The price increased its momentum over the 50% Fib retracement level of the crucial slide from the $0.0670 swing high to the $0.0554 low. On the 4-hours chart, there was also a break over a significant negative trend line with resistance near $0.0608.
The price is currently seeing resistance near $0.0632. The crucial slide from the $0.0670 swing high to the $0.0554 low is nearing the 61.8 percent Fib retracement level.
Near the $0.0645 level, the next major resistance is found. For a new increase, a closing above $0.0645 is required. In the above scenario, the price could rise in the near term towards the $0.0670 resistance. Any further advances might lay the stage for a stronger rally towards $0.0750.
On the downside, the $0.0610 level and the broken trend line provide first support. Near $0.0600, the next big support is emerging. If the price breaks down below the $0.0600 support, it may return to the $0.0580 support. In the short term, any further losses could lead to a move towards the $0.0550 zone.
TRX is now trading over $0.0600 and around the 55 simple moving average, according to the chart (4-hours). Overall, if the price clears the $0.0650 resistance zone, it may continue to rise.
Indicators of Technical Excellence
- 4 hour MACD – The bullish zone of the MACD for TRX/USD is steadily gathering traction.
- 4 hour RSI – The 4-hour RSI for TRX/USD is over 50.
- $0.0600 and $0.0580 are important support levels.
- $0.0632, $0.0645, and $0.0720 are key resistance levels.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.