Tron (TRX) Price Analysis: Bulls Eye Additional Gains

Submitted by Anonymous (not verified) on Wed, 09/27/2023 - 09:00

Tron price started a fresh increase above the $0.035 level against the US Dollar.
TRX price is now trading above $0.0835 and the 55 simple moving average (4 hours).
There is a connecting bullish trend line forming with support near $0.0840 on the 4-hour chart (data feed via Kraken).
The pair could continue to move up if it settled above the $0.085 resistance zone.

TRON price started a fresh increase above $0.0830 against the US Dollar, outpacing Bitcoin. TRX’s price could rise further if it clears the $0.085 resistance.

Tron Price Analysis

In the past few days, Tron price started a steady increase above the $0.0788 support zone against the US Dollar. TRX’s price managed to settle above the $0.080 zone.

The bulls even pushed the price above the $0.0820 and $0.0832 levels. They are now attempting a clear move above the $0.0850 resistance zone. A high is formed near $0.08509 and the price is now eyeing additional gains in the near term.

It is trading well above the 23.6% Fib retracement level of the recent increase from the $0.0828 swing low to the $0.0850 high. It is trading above $0.0835 and the 55 simple moving average (4 hours). On the upside, TRX is facing resistance near the $0.085 level. The next major resistance is near the $0.0865 level.

A close above $0.0865 could send the price toward the $0.0920 resistance zone. Any more gains might send TRX price toward $0.0920, above which the price could even rise toward $0.10.

On the downside, initial support is near the $0.0840 level. There is also a connecting bullish trend line forming with support near $0.0840 on the 4-hour chart. The next major support is now forming near $0.0836 or the 61.8% Fib retracement level of the recent increase from the $0.0828 swing low to the $0.0850 high, below which it could test $0.0830.

If there is a downside break below the $0.0830 support, the price might revisit the $0.080 support. Any more losses might call for a move toward the $0.0770 zone in the near term.

The chart indicates that TRX’s price is now trading above $0.0832 and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it settles above the $0.085 resistance zone.