EagleFX

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.

Tron TRX Price

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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.

Tron Price Analysis (TRX to USD)

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.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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