Tron Price Jumps Above $0.072, More Gains Ahead?
• Tron (TRX) price started a fresh increase from the $0.0672 level against the US Dollar.
• TRX is now trading above $0.0700 and the 55 simple moving average (4 hours).
• The pair could continue to move up if it breaks the $0.072 resistance zone.
Tron Price Analysis
Tron price started a fresh increase from the $0.0672 level against the US Dollar, with a break above a key bearish trend line with resistance near $0.0695 and a major bullish trend line forming with support near $0.0685 on the 4-hours chart (data feed via Kraken). TRX’s price is now trading above $0.0700 and the 55 simple moving average (4 hours).
There was a high formed near $0.0711 and the price is now consolidating gains, facing resistance near the $0.071 level with potential further gains towards $0.0735 if it breaks this resistance zone, or even reaching as high as$ 0.080 in more bullish conditions..
On downside initial support for TRX is close to$ 0.685, which coincides with a major bullish trendline forming on 4-hour chart, along with 23:6% Fib retracement level of upward move from$ 0.0640 swing low to$ 0,0699 high If there is downside break below this support then next major support is forming near$ 0,070 or 23:6% Fib retracement level of upward move from$ 0,1668 swing low to$ 0 ,1711 high . Any more losses might call for a move toward the$ 0 ,167 zone in short term .
The 55 simple moving average (4 hours) provides dynamic support for TRX at present around current price levels of around$ 0 ,070 . Also 100 SMA has crossed 200 SMA on 4-hour chart indicating that path of least resistance is towards upside .
The path of least resistance for Tron appears to be upwards as long as prices remain above crucial supports at around$ 0 ,070 •6085 any break below these levels may result in short term pullback but overall trend remains bullish