Tron (TRX) Price Analysis: Rally Possible If It Clears $0.065
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 $0.0650.
Tron Price Analysis
After another decline, tron price found support near the $0.0575 level against the US Dollar. TRX price formed a base above the $0.0575 level and started a fresh increase.
It traded above the $0.0585 and $0.0600 resistance levels to move into a positive zone. The price gained pace above the 50% Fib retracement level of the recent drop from the $0.0629 swing high to $0.0575 low. Besides, there was a break above a key bearish trend line with resistance near $0.0602 on the 4-hours chart.
The price is now facing resistance near the $0.0630 level. The next major resistance is near the $0.0642 level. It is near the 1.236 Fib extension level of the recent drop from the $0.0629 swing high to $0.0575 low.
The main barrier is near $0.0650. A close above $0.0650 is must for a fresh increase. In the stated case, the price could rise towards the $0.0700 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.0750 level.
On the downside, an initial support is near the $0.0602 level and the broken trend line. The next major support is now forming near $0.0588. If there is a downside break below the $0.0588 support, the price might revisit the $0.0550 support. Any more losses might call for a move towards the $0.0520 zone in the near term.
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 clears the $0.0630 resistance zone and then $0.0650.
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 – $0.0602 and $0.0588.
Key Resistance Levels – $0.0630, $0.0642 and $0.0700.
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