Tron (TRX) Price Analysis: Bulls Aim Upside Break Above $0.1

  • Tron price started a major decline from well above $0.1120 against the US Dollar.
  • TRX price is now trading below $0.1000 and near the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.1000 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a major increase if there is a clear break above the $0.1000 resistance.

TRON price started a major drop below $0.1000 against the US Dollar, similar to bitcoin. TRX price is recovering, but it must clear $0.1000 for more gains.

Tron Price Analysis

After facing resistance, tron price started a fresh decline below the $0.1100 level against the US Dollar. TRX price even broke the $0.1000 support level to enter a bearish zone.

A low was formed near $0.0893 and the price started a fresh increase. There was a recovery wave above the $0.0900 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $0.1097 swing high to $0.0893 low.

An immediate resistance on the upside is near the $0.0995 level. The first major resistance is near the $0.1000 level. There is also a major bearish trend line forming with resistance near $0.1000 on the 4-hours chart.

The trend line is near the 50% Fib retracement level of the downward move from the $0.1097 swing high to $0.0893 low.

A close above $0.1000 and $0.1020 is must for a fresh increase. In the stated case, the price could rise towards the $0.1080 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.1120 level.

On the downside, an initial support is near the $0.092 level. The first major support is now forming near $0.0900. The next major is near the $0.0880 level. Any more losses might call for a sharp decline towards the $0.0800 level.

Tron (TRX) Price

Tron (TRX) Price

The chart indicates that TRX price is now trading below $0.1000 and near the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $0.1000 resistance.

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 now above the 50 level.

Key Support Levels – $0.0920 and $0.0880.

Key Resistance Levels – $0.1000, $0.1020 and $0.1080.

The post Tron (TRX) Price Analysis: Bulls Aim Upside Break Above $0.1 appeared first on Live Bitcoin News.

Source: Live Bitcoin News