- Tron price started a fresh increase above the $0.0535 level against the US Dollar.
- TRX price is now trading above $0.0542 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.0525 on the 4-hours chart (data feed via Kraken).
- The pair could continue to move up if it breaks the $0.0560 resistance zone.
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.
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.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://www.livebitcoinnews.com/tron-trx-price-analysis-more-gains-possible-above-0-055/
- a
- above
- against
- analysis
- and
- average
- bearish
- below
- bid
- Break
- breaks
- Bullish
- call
- case
- Chart
- Close
- comments
- continue
- could
- Currently
- data
- Dollar
- downside
- during
- facing
- First
- follow
- fresh
- fresh increase
- from
- further
- gaining
- Gains
- High
- HOURS
- HTTPS
- in
- Increase
- indicates
- initial
- internal
- IT
- Key
- Kraken
- Level
- levels
- Line
- losses
- Low
- MACD
- major
- might
- Momentum
- more
- move
- moving
- moving average
- Near
- next
- overall
- past
- plato
- Plato Data Intelligence
- PlatoData
- positive
- possible
- Post
- price
- Price Analysis
- remained
- Resistance
- retracement
- Rise
- rsi
- similar
- Simple
- Slowly
- started
- stated
- support
- support levels
- TAG
- The
- to
- towards
- traded
- Trading
- TradingView
- Trend
- TRON
- TRON (TRX)
- TRX
- TRX Price
- Upside
- upward
- us
- US Dollar
- via
- week
- zephyrnet