• Tron (TRX) price started a fresh increase from the $0.0645 level against the US Dollar.
• There is a major bearish trend line forming with resistance near $0.0728 on the 4-hours chart (data feed via Kraken).
• TRX’s price could rise further if it clears the $0.074 resistance zone.
Tron (TRX) Price Analysis
Tron price started a fresh increase from the $0.0645 level against the US Dollar. There is a major bearish trend line forming with resistance near $0.0728 on the 4-hours chart (data feed via Kraken). The pair could continue to move up if it breaks the $0.074 resistance zone.
Upside Break Above Resistance Levels
After a downside correction, Tron price found support near the $0.0645 zone against the US Dollar. TRX’s price formed a base and recently started a fresh increase from this low point. There was a break above both the $0.0680 and $0.0700 levels, pushing higher than 23.6% Fib retracement level of its downward move from its swing high to low point ($0.0856 to 0$646).
Resistance Level Ahead
The current TRON price is trading below both its key support at $0,075 and 55 simple moving average (4 hours). On its upside, there is significant resistance at around 0$.0725 which is also strengthened by an ongoing major bearish trendline forming on 4 hour chart data via Kraken exchange platform with same mentioned point of resistance at 0$738 mark . If cleared then next crucial pivot will be 50% Fib retracement level of same mentioned downward move ($0856 to 0$646) which stands around 0$.740 mark . Any further appreciation can open doors for bulls towards 8$080 mark , above which prices might extend their run towards 8$0820 mark in short term .
Support Level Below
On downside initial supports are placed around 7$070 mark followed closely by 7$682 region . If bears manage to break below 682$, prices may revisit 645$ support area in near term followed by 620$ zone .
From technical perspective, Tron’s price is currently trading below both key support at 7500 and 55 simple moving average (4 hours) but in order to see any further appreciation , It needs to clear strong resistant barrier placed around 0725$, once done then bulls can take control targeting 08200 & beyond in short term .