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Tron (TRX) Price Analysis: Bulls Eye Fresh Increase Above $0.074

  • Tron price is recovering and it is showing positive signs above $0.070 against the US Dollar.
  • TRX price is now trading near $0.0720 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.0730 on the 4-hours chart (data feed via Bitfinex).
  • The pair could start a major increase if there is a clear break above $0.0730 and $0.0740.

TRON price is showing positive signs above $0.0700 against the US Dollar, similar to bitcoin. TRX price must surpass $0.0730 and $0.0740 to start a steady increase.

Tron Price Analysis

There was a downside extension in tron price below the $0.0750 level against the US Dollar. TRX price even broke the $0.0700 support level and the 55 simple moving average (4-hours).

It traded as low as $0.066 and it is now correcting higher. There was a break above the $0.0700 resistance zone. The price climbed above the 23.6% Fib retracement level of the recent drop from the $0.0830 swing high to $0.0660 low.

It is now trading near $0.0720 and the 55 simple moving average (4-hours). The first major resistance on the upside is near the $0.0740 level. There is also a major bearish trend line forming with resistance near $0.0730 on the 4-hours chart.

The 50% Fib retracement level of the recent drop from the $0.0830 swing high to $0.0660 low is also near $0.0740. A clear upside break above $0.0730 and $0.0740 could open the doors for a sharp increase. The next major resistance is near $0.0800, above which the price could revisit $0.0850.

On the downside, an immediate support is near the $0.0700 level. The next key support is near the $0.0660 level, below which there is a risk of a drop towards the $0.0600 support.

Tron (TRX) Price

Tron (TRX) Price

The chart indicates that TRX price is trading near the $0.0720 zone and the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above $0.0730 and $0.0740.

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 – $0.0660 and $0.0600.

Key Resistance Levels – $0.0740, $0.0800 and $0.0850.

The post Tron (TRX) Price Analysis: Bulls Eye Fresh Increase Above $0.074 appeared first on Live Bitcoin News.

Source: Live Bitcoin News

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