Tron price formed a solid support base above $0.0320 and recently climbed higher. TRX is currently gaining bullish momentum vs USD and bitcoin and it could trade further higher.
- Tron price broke the key $0.0340 and $0.0365 resistance levels to enter a bullish zone.
- There is a crucial bullish trend line formed with support at $0.0300 on the 4-hours chart.
- TRX price is showing a lot of positive signs and it could even climb to a new 2019 high above $0.0420.
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Tron Price Analysis (TRX to USD)
In the past few sessions, there was a decent upward move above $0.0350 in tron price against the US dollar. Earlier, TRX price formed a strong support base above the $0.0300 and $0.0320 levels before starting a solid increase.
Click to Enlarge Chart
Looking at the 4-hours chart of TRX/USD, the pair broke the key $0.0340 resistance area to move into a positive zone. It even broke the $0.0350 barrier and settled above the 25 simple moving average (4-hours).
During the rise, there was a break above the 61.8% Fib retracement level of the downward move from the $0.0411 high to $0.0287 low. Finally, there was a close above the key $0.0364 level.
The price is now trading nicely above $0.0380 and the 76.4% Fib retracement level of the downward move from the $0.0411 high to $0.0287 low.
Therefore, there are high chances that the price could test the $0.0411 swing high. Moreover, the current price action suggests that tron price might even surpass the $0.0420 resistance level.
If the bulls remain in action, TRX could trade to a new 2019 high above the $0.0425 level in the coming sessions. In the mentioned gates, the next major resistance is near the $0.0450 level.
On the downside, there are many supports near $0.0364 level. There is also a crucial bullish trend line formed with support at $0.0300 on the same chart.
An intermediate support is near the $0.0355 level and the 25 simple moving average (4-hours). Clearly, TRX price is trading with a bullish bias, with high chances of more upsides above $0.0400.
The market data is provided by TradingView, Binance.