Tron (TRX) Price Analysis: Key Upside Break Above $0.065 Looms

TRON price started a fresh increase above $0.062 against the US Dollar, similar bitcoin. TRX price could rise further if it clears the $0.0685 resistance.

Tron Price Analysis

In the past few sessions, tron price started a decent increase from the $0.057 support zone against the US Dollar. TRX price remained well bid and started a decent increase above the $0.060 zone.

It traded above the $0.0620 and $0.0625 resistance levels to move into a positive zone. Besides, there was a break above a key declining channel with resistance near $0.064 on the 4-hours chart. The pair settled above the 50% Fib retracement level of the key drop from the $0.06854 swing high to $0.05697 low.

The price is now trading above $0.062 and the 55 simple moving average (4-hours). On the upside, TRX is facing resistance near the $0.0658 level. It is near the 76.4% Fib retracement level of the key drop from the $0.06854 swing high to $0.05697 low.

The next major resistance is near the $0.0685 level. A close above $0.0685 could send the price towards the $0.0700 resistance zone. Any more gains might send trx price towards $0.072, above which the price could even rise towards $0.075.

On the downside, an initial support is near the $0.0620 level. The next major support is now forming near $0.0600. If there is a downside break below the $0.0600 support, the price might revisit the $0.057 support. Any more losses might call for a move towards the $0.0550 zone in the near term.

Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.062 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it breaks the $0.0685 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 – $0.0620 and $0.0600.

Key Resistance Levels – $0.0650, $0.0685 and $0.072.

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