• Tron price started a fresh increase from the $0.0645 level against the US Dollar.
• There is a major bearish trend line forming with resistance near $0.0728 on the 4-hours chart.
• TRX’s price could rise further if it clears the $0.074 resistance zone.
Tron (TRX) Price Analysis
Tron price started a fresh increase from the $0.0645 level against the US Dollar. There is a major bearish trend line forming with resistance near $0.0728 on the 4-hours chart (data feed via Kraken). The pair could continue to move up if it breaks the $0.074 resistance zone.
Price Resistance Levels
On the upside, TRX is facing resistance near the $0.0725 level and there is also a major bearish trend line forming with resistance near $0.0725 on the 4-hours chart. The next major resistance is near the $0.074 level and the 55 simple moving average (4 hours). It is close to 50% Fib retracement level of downward move from swing high to low point of price movement in recent days.. A close above this mark could send tron’s price toward $0.0780 and possibly even higher towards $0,082 over time period of few days or weeks into future..
Downside Support Levels
On downside, initial support can be found at around 0070 USD mark and next major support has been formed round 0682 USD mark in recent trading sessions . If there are more losses than expected then tron’s price might revisit 0646 USD which was seen as practice bottom in last few trading sessions . Any more declines may call for move towards 062 USD area which may come intoplay over short term time frame .
The MACD for TRX/USD is now gaining momentum in bullish zone while RSI for TRX/USD trades above 50 levels indicating that bulls have slight edge over bears .
Overall , Tron’sprice could continue to move up if it breaks 0740 USD area where bears may start defending their positions again .