The price of tron began a new rise against the US Dollar after building a base above $0.0590. TRX price moved into the positive zone after trading over the $0.0600 and $0.0612 resistance levels.
The price rose beyond the 23.6 percent Fib retracement level of the latest drop from the $0.0671 swing high to the $0.0592 low. On the 4-hours chart, there was also a break over a strong negative trend line with resistance above $0.0622.
The price is currently seeing resistance near $0.0632. The current slide from the $0.0671 swing high to the $0.0592 low is nearing the 50% Fib retracement level.
The 55 simple moving average is the next key resistance level, which is approaching $0.0640. (4-hours).
For a new increase, a closing above $0.0640 is required. In the above scenario, the price could rise in the near term towards the $0.0670 resistance. Any further increases might lay the stage for a stronger rally towards $0.0720.
On the downside, the $0.0620 level and the broken trend line provide first support. Near $0.0600, the next big support is emerging. The price may fall quickly if it breaks below the $0.0600 support on the downside.
In the aforementioned scenario, the price may test the $0.0565 level. The next key support is near the $0.0550 level, below which a decline to $0.0520 is possible.
Source : TradingView
TRX is currently trading below $0.0640 and near the 55 simple moving average, according to the chart (4-hours). Overall, if the price clears the $0.0640 resistance zone, it may continue to rise.
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