Tron (TRX) Price Analysis: Bulls Eye Fresh Rally above $0.055

TRON price is consolidating gains above $0.0450 against the US Dollar, while bitcoin is rising. TRX price could start another upward move above $0.0520 and $0.0550.

Tron Price Analysis

After a close above the $0.0500 level, tron price accelerated higher above the $0.0550 resistance against the US Dollar.  TRX price even surged above the $0.0580 resistance and settled above the 55 simple moving average (4-hours).

It traded as high as $0.0611 before correcting lower. There was a break below the $0.0550 and $0.0520 support levels. However, the bulls were active above the $0.0450 level and the 55 simple moving average (4-hours).

A low is formed near the $0.0458 and the price is currently consolidating. It broke the 23.6% Fib retracement level of the downward move from the $0.0611 high to $0.0458 low. TRX price is now holding the $0.0480 support level and the 55 simple moving average (4-hours).

There is also a major contracting triangle forming with resistance near $0.0520 on the 4-hours chart. The next major resistance is near the $0.0535 level. It is close to the 50% Fib retracement level of the downward move from the $0.0611 high to $0.0458 low.

A clear break above the $0.0520 and $0.0535 levels will most likely pump the price above the $0.0550 resistance. The next major hurdle for the bulls sits at $0.0600.

Conversely, the price might clear the triangle support at $0.0485 to continue lower. The next major support is near the $0.0450 level, below which there is a risk of a drop towards the $0.0420 support zone.

Tron (TRX) Price

The chart indicates that TRX price is clearly approaching a major break, with hurdles near $0.0520. Overall, the price could start a strong increase if it clears the $0.0520 resistance zone in the near term.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly losing momentum in the bearish zone.

4 hours RSI – The RSI for TRX/USD is now close to the 50 level.

Key Support Levels – $0.0480 and $0.0450.

Key Resistance Levels – $0.0520, $0.0535 and $0.0550.

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