Tron (TRX) Price Analysis: Eyes Key Increase Above $0.056

Tron Price Analysis

Tron (TRX) Price Analysis: Eyes Key Increase Above $0.056

Tron price started a fresh increase above the $0.0530 level against the US Dollar.
TRX price is now trading above $0.0540 and the 55 simple moving average (4-hours).
There is a key connecting trend line forming with resistance near $0.0552 on the 4-hours chart (data feed via Kraken).
The pair could continue to move up if it breaks the $0.0556 resistance zone.

TRON price started a fresh increase above $0.054 against the US Dollar, similar bitcoin. TRX price could rise further if it clears the $0.056 resistance.
Tron Price Analysis
This past month, tron price started a decent increase from the $0.052 zone against the US Dollar. TRX price formed a base above the $0.052 level and started a fresh increase.
It traded above the $0.0535 and $0.0540 resistance levels to move into a positive zone. The price even moved above the 55 simple moving average (4-hours), but the bulls were active near the $0.055 zone. A high was formed near $0.0552 and the price is now consolidating gains.
On the downside, an initial support is near the $0.0544 level. It is near the 23.6% Fib retracement level of the upward move from the $0.0519 swing low to $0.0551 high.
The next major support is now forming near $0.0535 or the 55 simple moving average (4-hours). It is near the 50% Fib retracement level of the upward move from the $0.0519 swing low to $0.0551 high. 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. On the upside, TRX is facing resistance near the $0.0552 level.
There is also a key connecting trend line forming with resistance near $0.0552 on the 4-hours chart. 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 $0.0600 resistance in the near term.

The chart indicates that TRX price is now trading below $0.0540 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it breaks the $0.056 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 – $0.0535 and $0.0520.
Key Resistance Levels – $0.0552, $0.056 and $0.060.

Tags: TRON, trx

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