Tron (TRX) Price Analysis: Holding Massive Support At $0.08

TRON price is trading in a positive zone above $0.0800 against the US Dollar, similar to bitcoin. TRX price is likely to resume its upside unless it breaks the $0.0800 support zone.

Tron Price Analysis

After forming a base above the $0.0700 level, tron price started a fresh increase against the US Dollar. TRX price broke many important hurdles near $0.0800 to move further into a positive zone.

The pair even broke the $0.0920 resistance and the 55 simple moving average (4-hours). However, it failed to test the USD $0.1000 resistance. A high was formed near $0.0968 before the price started a downside correction.

There was a break below the $0.0920 and $0.0900 support levels. The price spiked below the 50% Fib retracement level of the key upward move from the $0.0723 swing low to $0.0968 high. However, the bulls were active near the $0.0810 level.

There is also a major bullish trend line forming with support near $0.0815 on the 4-hours chart. The price even found support near the 61.8% Fib retracement level of the key upward move from the $0.0723 swing low to $0.0968 high.

It is now trading near $0.0850 and the 55 simple moving average (4-hours). An initial resistance is near the $0.0860 level. The first major resistance is near the $0.0880 level. Any more gains could set the pace for a move towards the main $0.0950 resistance zone. The next key resistance is near the $0.1000 level.

On the downside, an initial support is near the $0.0810 level. The main support is now forming near $0.0800. Any more losses might call for a sharp decline towards the $0.0700 level.

Tron (TRX) Price

The chart indicates that TRX price is now trading near $0.0850 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher as long as it is above the $0.0810 and $0.0800 support levels.

Technical Indicators

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

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

Key Support Levels – $0.0810 and $0.0800.

Key Resistance Levels – $0.0860, $0.0880 and $0.1000.

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