Tron (TRX) Price Analysis: Key Support Intact, Bulls Aim Fresh Increase

Tron Price Analysis

Tron (TRX) Price Analysis: Key Support Intact, Bulls Aim Fresh Increase

Tron price started a downside correction from the $0.0550 level against the US Dollar.
TRX price is now trading below $0.0535 and the 55 simple moving average (4-hours).
There was a break above a declining channel with resistance near $0.0532 on the 4-hours chart (data feed via Kraken).
The pair could continue to move up if it breaks the $0.055 resistance zone.

TRON price started a fresh increase above $0.052 against the US Dollar, similar bitcoin. TRX price could rise further if it clears the $0.055 resistance.
Tron Price Analysis
This past month, tron price started a decent increase from the $0.045 zone against the US Dollar. TRX price formed a base above the $0.0450 level and started a fresh increase.
It traded above the $0.0500 and $0.0520 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 $0.0551 before there was a downside correction.
There was a move below the $0.0535 level and the 55 simple moving average (4-hours). The price declined below the 23.6% Fib retracement level of the upward move from the $0.0488 swing low to $0.055 high.
It is now trading below $0.0535 and the 55 simple moving average (4-hours). Besides, there was a break above a declining channel with resistance near $0.0532 on the 4-hours chart. On the upside, TRX is facing resistance near the $0.0535 level.
The first major resistance is near the $0.055 level. A close above $0.055 is must for a fresh increase. In the stated case, the price could rise towards the $0.0620 resistance in the near term.
On the downside, an initial support is near the $0.0525 level. The next major support is now forming near $0.0520. It is near the 50% Fib retracement level of the upward move from the $0.0488 swing low to $0.055 high. If there is a downside break below the $0.0520 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.
Tron (TRX) Price
The chart indicates that TRX price is now trading below $0.0535 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it breaks the $0.055 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 – $0.0520 and $0.0500.
Key Resistance Levels – $0.0535, $0.055 and $0.0620.

Tags: TRON, trx

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