Tron (TRX) Price Analysis: Bulls Eye Upside Break above $0.09

TRON price is slowly moving higher above $0.0850 against the US Dollar, similar to bitcoin. TRX price is likely to continue higher if it clears the $0.0920 resistance zone.

Tron Price Analysis

After forming a base above the $0.0815 level, tron price started a fresh increase against the US Dollar. TRX price broke the $0.0850 resistance to move into a positive zone.

The pair even broke the $0.0880 resistance and the 55 simple moving average (4-hours). However, it failed to gain pace above the $0.0900 resistance zone. A high was formed near $0.0907 before the price started a downside correction.

There was a break below the $0.0900 and $0.0880 support levels. The price traded below the 23.6% Fib retracement level of the recent increase from the $0.0816 swing low to $0.0907 high.

It is now trading above $0.0850 and the 55 simple moving average (4-hours). An initial resistance is near the $0.0890 level. The first major resistance is near the $0.0900 level. There is also a key contracting triangle forming with resistance near $0.0900 on the 4-hours chart.

The main resistance is near $0.0915. Any more gains could set the pace for a move towards the main $0.1000 resistance zone. On the downside, an initial support is near the $0.0875 level. The main support is now forming near $0.0870 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.

Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.0850 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if it clears the $0.0900 and $0.0920 resistance levels.

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 now above the 50 level.

Key Support Levels – $0.0870 and $0.0820.

Key Resistance Levels – $0.0900, $0.0920 and $0.1000.

Source: Read Full Article