• Tron price started a fresh increase above the $0.0720 level against the US Dollar.
• TRX is now trading below $0.0780 and the 55 simple moving average (4 hours).
• There is a major bullish trend line forming with support near $0.0752 on the 4-hours chart.
Tron (TRX) Price Analysis
Tron price has started an upward wave from the $0.0712 support zone against the US Dollar, and has been able to break through resistance levels of $0.0755 and $0.0780 respectively, reaching as high as $0.0798 before seeing some bearish pressure again. Currently, TRX is trading below $0.0780 and the 55 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.0752 on the 4-hours chart (data feed via Kraken).
Resistance & Support Levels
On the upside, TRX is facing resistance near the $ 0 .0770 level, with further resistance at around$ 0 .078 which could send prices higher towards$ 0 .0800 if broken, or even up towards$ 0 .0825 depending on momentum generated by bulls in this area of resistance level.. On the downside, initial support is present at around$ 0 .0751 , whilst further key support exists at around$ 0 .0718 orthe 61 .8% Fib retracement level ofthe upward wave fromthe$ 0 .069 swing low tothe$ 0 .0798 high.. Any more losses might call for a move towards the$ 0 .0660 zone in thenear term..
Technical Indicators
The 4 hours MACD for TRX/USD is now gainingmomentum in bearish zone while 4 hours RSI forTRX/USD is below 50level indicating that bears are still in controlof price movement in shortterm..
Summary
In summary, Tron’s price could continue to move up if it breaks above current resistance levels of around$ 0 .0780 as well as sustaining above its55simple moving average (4 hours).. If it does so then it can potentially reach highs of around$ 0 .0800 and possibly even beyond thatdepending on strength of momentum created by bulls within this market.. However any more losses would call for revisiting previous lows near$ 0 .0660 depending on how much pressure bears can generatein their attempt to repress any further growth potential..