Tron (TRX) Price Analysis: Dips Turn Attractive Near $0.062

TRON price started a fresh increase above $0.0600 against the US Dollar, similar to bitcoin. TRX price could rally further if it climbs above $0.0700.

Tron Price Analysis

After forming a base above the $0.0520, tron price started a fresh increase against the US Dollar. TRX price traded above the $0.0550 and $0.0580 resistance levels to move into a positive zone.

There was a clear move above the $0.0600 resistance zone. The price even settled above the $0.0620 resistance and the 55 simple moving average (4-hours). It traded as high as $0.0702 and is currently consolidating gains.

It tested the 23.6% Fib retracement level of the upward move from the $0.0582 swing low to $0.0702 high. On the downside, an initial support is near the $0.0665 level. The next major support is now forming near $0.0640. There is also a key bullish trend line forming with support near $0.0630 on the 4-hours chart.

The trend line is close to the 50% Fib retracement level of the upward move from the $0.0582 swing low to $0.0702 high. The main support is near the $0.0620 level, below which there is a risk of a larger decline.

An immediate resistance on the upside is near the $0.0688 level. The next major resistance is near the $0.0700 level. A close above $0.0700 is must for a fresh increase. In the stated case, the price could rise towards the $0.0750 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.0800 level.

Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.0600 and near the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $0.0620 support zone.

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 above the 50 level.

Key Support Levels – $0.0640 and $0.0620.

Key Resistance Levels – $0.0688, $0.0700 and $0.0750.

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