• 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).
• A close above $0.072 could send the price toward the $0.0735 resistance zone, while any downside break below the $0.070 support might lead to a move towards the $0.0670 support zone
Tron Price Analysis
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). 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 $0.0680 on 4-hours chart (data feed via Kraken).
Resistance Levels
On the upside, TRX is facing resistance near the $0.071 level followed by another resistance at around 0$.72 levels which could push it further towards 0$.7350 levels if closed higher than 0$.7200 levels in 4-hour timeframe.
Support Levels
On the downside, initial support is near 0$.6850 levels followed by another major bullish trend line forming with support near 0$.6850 on 4-hours chart which can hold any potential downward momentum of Tron coin prices . The next major support lies at around 0$.70 or 23% Fib retracement level of an upward move from 0$.6680 swing low to 0$711 high, if there will be any type of breakdown below that then tron coin prices may test its 50% Fib retracement level of an upward move from 0$664 swing low to 0$711 high at around around $0.$688 levels before next possible recovery in tron coin prices .
Current Market Situation
Currently, Tron price is consolidating gains after reaching highs near $711 . It is currently trading above $700 and 55 SMA(4 hours). If bulls are able to sustain momentum above 7200 USD then we may see further upsurge in tron prices pushing it higher towards 7400 USD in coming days .
Conclusion
Overall market sentiment for Tron appears positive as long as it trades comfortably above 700 USD mark , if bulls are unable to sustain momentum then it may pullback towards 690 USD or even lower before next possible recovery .