Tron (TRX) Price Analysis: Path To $0.10 Is Still Open
Tron price started a fresh increase above the $0.080 level against the US Dollar.
TRX price is now trading above $0.0830 and the 55 simple moving average (4 hours).
There is a major bullish trend line forming with support near $0.0842 on the 4-hour chart (data feed via Kraken).
The pair could continue to move up if it breaks the $0.085 resistance zone.
TRON price started a fresh increase above $0.0820 against the US Dollar, outpacing Bitcoin. TRX’s price could rise further if it clears the $0.085 resistance.
Tron Price Analysis
In the past few days, Tron price started a steady increase from the $0.0770 support zone against the US Dollar. TRX’s price remained well-bid and was able to climb above the $0.080 zone.
It traded above the $0.0820 and $0.0832 levels to move further into a positive zone. Finally, the bears appeared near the $0.085 level. A high is formed near $0.0849 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward wave from the $0.0770 swing low to the $0.0849 high.
It is trading above $0.0830 and the 55 simple moving average (4 hours). On the upside, TRX is facing resistance near the $0.085 level. The next major resistance is near the $0.0888 level.
A close above $0.0888 could send the price toward the $0.0920 resistance zone. Any more gains might send TRX price toward $0.0950, above which the price could even rise toward $0.10. On the downside, initial support is near the $0.0842 level.
There is also a major bullish trend line forming with support near $0.0842 on the 4-hour chart. The next major support is now forming near $0.082, below which it could test the 50% Fib retracement level of the upward wave from the $0.0770 swing low to the $0.0849 high at $0.0810.
If there is a downside break below the $0.0800 support, the price might revisit the $0.0770 support. Any more losses might call for a move toward the $0.0752 zone in the near term.
The chart indicates that TRX’s price is now trading above $0.0830 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it breaks the $0.085 resistance zone.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is now gaining momentum in the bullish zone.
4 hours RSI – The RSI for TRX/USD is above the 50 level.
Key Support Levels – $0.0840 and $0.0820.
Key Resistance Levels – $0.085, $0.0888, and $0.0950.
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Filed under: Bitcoin - @ September 20, 2023 5:08 am