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Tron (TRX) Price Analysis: Fresh Increase If It Clears $0.0702 min read

Aug 3, 2022 2 min

Tron (TRX) Price Analysis: Fresh Increase If It Clears $0.0702 min read

Reading Time: 2 minutes

Tron price started a downside correction from the $0.0720 level against the US Dollar.
TRX price is now trading below $0.0700 and near the 55 simple moving average (4-hours).
There is a key declining channel forming with resistance near $0.0695 on the 4-hours chart (data feed via Bitfinex).
The pair could continue to move down if it breaks the $0.0670 support zone.

TRON price started a fresh decline below $0.0700 against the US Dollar, similar bitcoin. TRX price could decline further if it breaks the $0.0670 support.

Tron Price Analysis

This past week, tron price started a steady increase above the $0.066 resistance level against the US Dollar. TRX price gained pace for a move above the $0.0680 resistance.

It even climbed above the $0.070 level and the 55 simple moving average (4-hours). However, it faced a strong resistance near the $0.0720 and $0.0721 levels. A high was formed near $0.0721 and the price started a downside correction.

There was a move below the $0.070 support level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.0630 swing low to $0.0721 high.

It is now trading below $0.0700 and near the 55 simple moving average (4-hours). On the upside, TRX is facing resistance near the $0.0690 level. The first major resistance is near the $0.0695 level. There is also a key declining channel forming with resistance near $0.0695 on the 4-hours chart.

A close above $0.0695 and $0.0700 is a must for a fresh increase. In the stated case, the price could rise towards the $0.0720 resistance in the near term.

On the downside, an initial support is near the $0.0675 level. It is near the 50% Fib retracement level of the upward move from the $0.0630 swing low to $0.0721 high. The next major support is now forming near $0.0665. If there is a downside break below the $0.0665 support, the price might revisit the $0.0650 support. Any more losses might call for a move towards the $0.0630 zone in the near term.

Tron (TRX) Price

The chart indicates that TRX price is now trading below $0.0700 and near the 55 simple moving average (4-hours). Overall, the price could continue to move down if it breaks the $0.0670 support zone.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bearish zone.

4 hours RSI – The RSI for TRX/USD is below the 50 level.

Key Support Levels – $0.0665 and $0.0650.

Key Resistance Levels – $0.0695, $0.0700 and $0.0720.

The post Tron (TRX) Price Analysis: Fresh Increase If It Clears $0.070 appeared first on Live Bitcoin News.

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