Tron (TRX) Price Surges: Rally Could Push Prices Above $0.08
• Tron (TRX) price started a fresh increase from the $0.0710 level against the US Dollar.
• There is a major bullish trend line forming with support near $0.0742 on the 4-hours chart.
• The pair could continue to move up if it breaks the $0.0795 resistance zone.
Tron Price Analysis
Tron price started a fresh increase from the $0.0710 level against the US Dollar, outpacing Bitcoin. TRX’s price could rise further if it clears the $0.0795 resistance. In the past few sessions, Tron price started a decent increase from the $0.0710 support zone against the US Dollar and was able to climb above the $0.0750 zone and trade above $0.0765 and then above $0.0800 level to move further into a positive zone but was met with bearish pressure below 080$.
Resistance & Support Levels
On the upside, TRX is facing resistance near the 0795$ level while on downside, initial support is near 0768$ or 23.6% Fib retracement level of upward move from 0668$ swing low to 07$98high . There is also a major bullish trend line forming with support near 0642$ on 4 hour chart . The next major support is now forming near 0732$ or 50% Fib retracement level of upward move from 0668$ swing low to 07$98 high . If there is downside break below 0732$,the price might revisit 0710$. Any more losses might call for move toward 0700zone in near term..
Technical Indicators
4 hours MACD –The MACD for TRX/USD is now gaining momentum in bullish zone . 4 hours RSI – The RSI for TRX/USD is above 50 level
Potential Bullish Scenario
A close above 08$ could send price toward 0825 resistance zone , any more gains might send TRXprice toward 08$,above which it may even rise towards 08$.
Potential Bearish Scenario
A downside break below 0732$support ,price might revisit 0710$.Any more lossesmight call formove toward 0700zone innear term..
