• Tron price started a fresh increase from the $0.055 level against the US Dollar.
• TRX price is now trading above $0.06 and the 55 simple moving average (4-hours).
• There was a break above a major bearish trend line with resistance near $0.066 on the 4-hours chart (data feed via Kraken).
Tron Price Analysis
Tron price started a fresh increase from the $0.055 level against the US Dollar, similar bitcoin. TRX price could rise further if it clears the $0.070 resistance. In the past few sessions, tron price started a decent increase from the $0.055 support zone against the US Dollar and traded above both $0.060 and $0.0620 resistance levels, moving into a positive zone. There was also a break above a major bearish trend line with resistance near $0.066 on the 4-hours chart which pushed prices higher to current levels of trading above both $0.06 and 55 simple moving average (4-hours).
Resistance Levels Reached
The pair has now reached key resistances at $0.0700 level and any more gains might send trx price towards its next target at around 0$0720 mark where traders need to be watchful as this could pave way for further gains or trigger reversals in prices back down towards lower levels again depending on market conditions at that time . On downside, an initial support is near the 0$0660 level or broken trend line zone with next major support forming near 0$0640 mark and 55 simple moving average (4 hours). Any more losses might call for move towards 0$0550 support zone in short term so traders should keep an eye out for this potential reversal too .
Technical Indicators
The MACD for TRX/USD is now gaining momentum in bullish zone while RSI is currently hovering around 50 mark indicating that bulls are still in control of market sentiment but need to hold their ground to avoid any sudden dips or swings back down again .
Conclusion
Overall, Tron price is now trading above 0$062 and 55 simple moving average (4 hours) and could continue to move up if it breaks 0$070 resistance zone . On downside , any dips would likely find strong supports at 0$0660, 0$0640 & 55 SMA(4 hrs) zones before finally testing long term buying area of 0$0550 so traders should keep an eye out for these levels before placing any entries .
