• Tron (TRX) 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 (TRX) Price Analysis
The Tron price has recently begun to surge, starting with an increase from the $0.055 level against the US Dollar. Currently, TRX is trading above $0.06 and the 55 simple moving average (4-hours), indicating that it has crossed a major bearish trend line with resistance near $0.066 on the 4-hour chart (data feed via Kraken).
Trend Turns Bullish Above $0.065
Tron’s price has been staying well bid and is now beginning to rise significantly above the $ 0.060 zone after breaking out from its initial support level of $ 0.055 against the US Dollar . Moreover, there has been a break out of a major bearish trend line at around$ 0.066 levels on its 4-hour chart (data feed via Kraken). The pair has also settled above its 50% Fib retracement level of its downward move from peak of$ 0.07025 swing high to low of $ 0.0551 mark..
Breakout towards Resistance Zones
On further upside, TRX is facing resistance at around$ 0 .0685 levels and if it breaks this barrier, then next major resistance zone lies at around$ 0 .0700 levels . Further breakout can potentially send trx prices towards as high as$ 0 .0720 mark in coming days..
In case of any downside pressure, initial support may come at around$ 0 .0660 or broken trendline zone while next major support stands at around$ 0 .0640 or 55 simple moving average(4 hours). If there are further losses below this point , then prices may revisit their previous low of$00550 in short run..
As far as technical indicators are concerned , 4 hours MACD shows positive momentum in bullish zone while 4 hours RSI stands above 50 level . Key Support Levels are marked at $ 00660 & 00620 while key Resistance Levels stand at 00700 , 00720 & 00750 respectively..