8. Juni 2023

Tron Price Analysis: Uptrend Support Intact, Break Below $0.0768 Could Trigger Drop

Von admin

• Tron (TRX) price started a fresh downside correction from the $0.0855 zone against the US Dollar.
• TRX price is now trading above $0.0770 and the 55 simple moving average (4 hours).
• There is a key bullish trend line forming with support near $0.0777 on the 4-hour chart (data feed via Kraken).

Tron Price Analysis

Tron price started a fresh downside correction from the $0.0855 zone against the US Dollar. TRX price is now trading above $0.0770 and the 55 simple moving average (4 hours). There is a key bullish trend line forming with support near $0.0777 on the 4-hour chart (data feed via Kraken). The pair could continue to move down if it breaks the $0.0768 support zone.

Short Term Support and Resistance Levels

On the upside, TRX is facing resistance near the $0.0800 level. The first major resistance is near the $0.082 level. A close above this level could push prices towards another high at around $0 .0855 resistance in the near term On the downside, initial support is near the $0 .0777 level and its corresponding trend line. The next major support is now forming near $ 0 .0768 which coincides with 76 .4% Fib retracement of its upward move from low of 0 .0741 to high of 0 .0856 . If there’s any downside break below this key support, then prices could revisit as low as 0 . 0720 in short term .

Technical Indicators
The MACD for TRX / USDis slowly losing momentum in bearish zone while RSI for TRX / USD stands above 50 mark indicating some sideways movement in short term before any further major upside or downside moves occur .

Key Price Levels To Watch
Key Support Levels –$ 0 . 0768 and$ 0 . 0720 Key Resistance Levels –$ 0 . 08 ,$ 0 . 08 2 ,and$ 0 . 08 55