Tron (TRX) Price Analysis: Bullish Signal Above This Hurdle

Tron Price Analysis

Tron (TRX) Price Analysis: Bullish Signal Above This Hurdle

Tron price started a fresh increase above the $0.0535 level against the US Dollar.
TRX price is now trading above $0.0535 and the 55 simple moving average (4-hours).
There was a break above a key bearish trend line with resistance near $0.0545 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 $0.0535 against the US Dollar, similar bitcoin. TRX price could rise further if it clears the $0.056 resistance.
Tron Price Analysis
Recently, tron price retested the key $0.0520 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 $0.0532 and $0.0535 resistance levels to move into a positive zone. There was a clear move above the 50% Fib retracement level of the downward move from the $0.0575 swing high to $0.05185 low. Besides, there was a break above a key bearish trend line with resistance near $0.0545 on the 4-hours chart.
The price is now trading above $0.0535 and the 55 simple moving average (4-hours). On the upside, TRX is facing resistance near the $0.0555 level.
The 61.8% Fib retracement level of the downward move from the $0.0575 swing high to $0.05185 low is also near the $0.0555 level. The first major resistance is near the $0.056 level. A close above $0.056 is must for a fresh increase. In the stated case, the price could rise towards the $0.0575 resistance in the near term.
Any more gains might send trx price towards $0.060. On the downside, an initial support is near the $0.0542 level or the 55 simple moving average (4-hours). The next major support is now forming near $0.0535.
If there is a downside break below the $0.0535 support, the price might revisit the $0.0520 support. Any more losses might call for a move towards the $0.0500 zone in the near term.
Tron (TRX) Price
The chart indicates that TRX price is now trading above $0.0540 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 $0.0520.
Key Resistance Levels – $0.0555, $0.056 and $0.060.

Tags: TRON, trx

Leave a Reply

Your email address will not be published. Required fields are marked *

AdonFinance
Risk Warning: The material on this website is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by AdonFinance. In addition, the content of the website offers no opinion with respect to the suitability of any security or any specific investment. Trading foreign exchange, stocks, cryptocurrencies and commodities is potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against traders. Before any investment with any broker you need to carefully consider your targets, previous experience, and risk level. Forex trading can result in the loss of your money, as a result, you are expressly cautioned that you should never invest or trade with money that you cannot afford to lose. For the avoidance of doubt, AdonFinance's service provides Brokers reviews in the Financial market. AdonFinance, its subsidiaries, agents or affiliates will assume no responsibility whatsoever for your trading activity. © Copyright 2021 AdonFinance