• Tron price started a fresh increase above the $0.0720 level against the US Dollar and could continue to move up if it breaks the $0.0780 resistance zone.
• TRX is facing resistance near the $0.0770 level and there is a major bullish trend line forming with support near $0.0752 on the 4-hours chart.
• Initial support is near the $0.0752 level, while any more losses might call for a move toward the $0.0665 zone in the near term.
Tron (TRX) Price Analysis
Tron price started a fresh increase above the $0.0720 level against the US Dollar and could continue to move up if it breaks the $0.0780 resistance zone. There is a major bullish trend line forming with support near $0.075 on the 4-hours chart (data feed via Kraken).
Resistance Levels
TRX is facing resistance near the $ 0 . 0770 level and there is a major bullish trend line forming with support near 0 . 0752 on 4 hours chart . The next major resistance is near 0 . 0780 mark . A close above this mark could send tron price towards 8 . 00 USD . Any more gains might push TRX price towards 8 . 25 USD , above which even higher levels can be seen in coming days .
Support Levels
Initial support for TRX lies at 0 . 0752 mark , below which there’s another major bull trend line forming with support at 0 . 0718 or 61 . 8 % Fib retracement of recent wave from swing low of 0 . 0669 to high of 0 . 0788 USD respectively . If bears manage to break below this then tron price may revisit 7 USD in short term period time frame
MACD & RSI Indicators
4 hours MACD for TRXUSD shows bearish momentum gain whereas 4 hours RSI has gone below 50 mark indicating that bears have taken control over bulls for now but still bulls have hope as long as tron’s price stay above 7 USD mark as mentioned earlier in article