• Tron (TRX) price started a fresh increase from the $0.055 level against the US Dollar.
• TRX price is now trading above $0.06 and the 55 simple moving average (4-hours).
• The next major resistance is near the $0.0700 level, while on downside, an initial support is near the $0.0660 level or the broken trend line zone.
Tron (TRX) Price Analysis
Tron price started a fresh increase from the $0.055 support zone against the US Dollar and remained well bid above $0.060 to move into a positive zone. There was a break above a major bearish trend line with resistance near $0.066 on the 4-hours chart, which suggests that bulls are in control of price action for now.
Trend Turns Bullish Above $0.65
The pair settled above the 50% Fib retracement level of the downward move from the $0.07025 swing high to $0.0551 low and is now trading above $0.06 and the 55 simple moving average (4-hours). It is also above the 76.4% Fib retracement level of said downward move, suggesting more gains in future sessions if buyers continue to push prices higher from current levels toward key resistances at around $ 0 .070 and beyond it to 0 .075 levels respectively .
Upside Resistance & Downside Support Levels
On the upside, TRX is facing resistance near the $0.685 level and if this barrier is crossed , then there will be enough power for further bullish momentum towards crucial resistances at around 0 .0700 levels respectively . On downside , an initial support might be seen near 0 . 0660 or around previous broken trendline zone , followed by 0 . 0640 supported by 55 Simple Moving Average ( 4 – hours ) respectively . Any more losses could call for test of important support area at around 0 . 06000 levels respectively .
Technical Indicators
Looking at technical indicators , 4 hours MACD has shifted into bullish territory while 4 hours RSI indicates that there’s still room for more upside potential before reaching overbought condition in short term timeframe as indicated by its reading below 70 mark respectively
Conclusion:
Overall , Tron price looks likely to witness more upward pressure if it breaks through key resistance at 0 . 0700 levels respectively as mentioned previously in article with buying pressure being sustained by strong technical indicators favoring uptrend
