Tron (TRX) Price Analysis: Bulls Aim Upside Break Above $0.055

TRON price started a fresh increase above $0.0540 against the US Dollar, similar bitcoin. TRX price could rise further if it clears the $0.0555 resistance.

Tron Price Analysis

This past week, tron price retested the key $0.0533 support zone against the US Dollar. TRX price remained well bid and started a decent increase from the $0.054 zone.

It traded above the $0.0545 and $0.0550 resistance levels to move into a positive zone. During the increase, there was a break above a major bearish trend line with resistance near $0.0541 on the 4-hours chart. The price traded as high as $0.0556 and is currently correcting lower.

There was a move below the $0.055 level. The price tested the 50% Fib retracement level of the upward move from the $0.0532 swing low to $0.0556 high.

It is now trading above $0.0540 and the 55 simple moving average (4-hours). On the upside, TRX is facing resistance near the $0.0550 level.

The first major resistance is near the $0.0555 level. A close above $0.0555 is must for a fresh increase. In the stated case, the price could rise towards the $0.0580 resistance in the near term.

Any more gains might send trx price towards $0.062. On the downside, an initial support is near the $0.0544 level or the 55 simple moving average (4-hours). The next major support is now forming near $0.0540. It is near the 61.8% Fib retracement level of the upward move from the $0.0532 swing low to $0.0556 high.

If there is a downside break below the $0.0540 support, the price might revisit the $0.0532 support. Any more losses might call for a move towards the $0.0500 zone in the near term.

Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.0540 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it breaks the $0.0555 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 – $0.0540 and $0.0532.

Key Resistance Levels – $0.0555, $0.056 and $0.060.

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