TRX Price Rebounds: Is $0.085 Within Reach Again?

Key Points:

• TRX price increases above $0.0675 level against the US Dollar, similar to Bitcoin and Ethereum.
• TRX climbed above $0.070 resistance and the 100 simple moving average (4 hours).
• TRON price is now trading above $0.072 with the next major resistance near the $0.0800 level.

TRX has experienced a notable increase, surpassing the $0.0675 level against the US Dollar, which is similar to what we have witnessed with Bitcoin and Ethereum.

As a matter of fact, TRX has climbed above the $0.070 resistance and the 100 simple moving average (4 hours).

This increase in Tron’s value can be attributed to several factors. Firstly, there was a clear movement above the 23.6% Fib retracement level of the key decline from the $0.0849 swing high to the $0.0646 low. Additionally, there was a break above a key bearish trend line with resistance near $0.0735 on the 4-hour chart of the TRX/USD pair. This indicates that there is a growing interest among investors in Tron.

TRON’s value is trading above $0.072 and the 100 simple moving average (4 hours). It is predicted that the value of Tron will continue to rise in the short term, with an initial resistance seen near the $0.0750 zone. This resistance is close to the 50% Fib retracement level of the key decline from the $0.0849 swing high to the $0.0646 low.

TRX can break through the $0.0750 resistance level, it is possible that the value of Tron will continue to rise even higher. The next major resistance is near the $0.0800 level, and if the bulls are successful in surpassing this level, it is likely that they will aim for an even larger increase toward the key $0.0850 zone in the coming days. In fact, this could set the pace for a move toward the $0.088 level.

However, if TRX fails to clear the $0.0750 resistance, it could correct lower. In this scenario, initial support on the downside is near the $0.0730 zone and the trend line. The next major support is near the $0.0715 level or the 100 simple moving average (4 hours). The main support is $0.0690, and any drop below this level could result in a move toward the $0.0650 support.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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