So. Jun 16th, 2024

• Tron (TRX) price started a fresh increase from the $0.057 level against the US Dollar.
• There was a break above a key declining channel with resistance near $0.064 on the 4-hours chart.
• The pair could continue to move up if it breaks the $0.0685 resistance zone.

Tron (TRX) Price Analysis

Tron price started a fresh increase from the $0.057 level against the US Dollar and is now trading above $0.062 and the 55 simple moving average (4-hours). There was a break above a key declining channel with resistance near $0.064 on the 4-hours chart.

Upside Break Above $0.065 Looms

On the upside, TRX is facing resistance near the $0.0658 level, which is near the 76.4% Fib retracement level of the key drop from the $0.08654 swing high to $ 0 .05697 low.

Next Major Resistance Levels

The next major resistance is near the $ 0 . 0685 level, which if broken could send trx prices higher towards$ 0 .0700 and then to$ 0 .0720 levels.

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On downside initial support is near at$ 0 .0620 levels, while below that major support lies at$ 0 .0600.

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Conclusion

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Overall, as long as tron prices remain above$ 0 .0600 , it has potential for further bullish momentum towards breaking above$ 0 .0650 and eventually to$ 0 .0700 levels in short term.

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