• Tron (TRX) price started a fresh increase from the $0.0672 level against the US Dollar.
• TRX price 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 (TRX) Price Analysis
Tron price started a fresh increase from the $0.0672 level against the US Dollar and is now trading above $0.0700 and the 55 simple moving average (4 hours). There was 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).
Bullish Trend Line Support
The pair could continue to move up if it breaks the $0.072 resistance zone as there is a major bullish trend line forming with support near $0.0685 on the 4-hours chart, suggesting that buyers are likely to remain active in order to protect further losses below this level in tron’s price action.
On the upside, TRX is facing resistance near the $0.071 level and then at around 072$. A close above this latter may send tron’s rate towards 073$ or even higher at 075$. On its way down, initial support will be located at 070$ or at around 23% Fib retracement of recent uptrend from 0668$ low to 0711$ high followed by another important support area around 0688$, which coincides with 50% Fib retracement of same uptrend mentioned earlier as well as 55 simple moving average over 4 hours chart timeframe – all of these levels should make sure that sellers don’t take control over tron’s price action if it decides to head south again soon after current consolidation period ends..
Downside Break Could Bring Dip To Previous Lows
If traders manage to push tron’s rate below all these supports, next major ones will come into play closer to 0670$ – previous swing low – and then at around 0640$, which was seen back in mid April 2021 during strong bearish pressure on TRX market cap..
In conclusion, investors should keep an eye out for any potential breakouts through current key resistances such as 0720$ so they can get ready for more gains in tron’s market cap value since bulls have been dominating cryptocurrency industry lately without too many corrections that would indicate any kind of exhaustion among them yet..