The TRON price started a fresh rise above $0.0720 against the US Dollar, similar to Bitcoin. TRX price could rise further if it clears the $0.0780 resistance.
The Tron price started a fresh rise above the $0.0720 level against the US Dollar. TRX price is now trading below $0.0780 and the 55 simple moving average (4-hours). A major uptrend line is forming with support near $0.0752 on the 4-hours chart (data feed via Kraken). The pair could continue to rise if it breaks out of the $0.0780 resistance zone.
Tron Price Analysis
In the past few days, the Tron price started a steady rise from the $0.0712 support zone against the US Dollar. It remained well-bid and was able to rally above the $0.0755 zone.
It traded above the $0.0780 and $0.0788 levels to move further into a positive zone. Finally, the bears appeared near the $0.080 level. A high is formed near $0.0798 and the price is now correcting the gains. There was a move below the 23.6% Fibonacci retracement level of the rising wave from the $0.0669 low to $0.0798 high.
It is trading below $0.0780 and the 55 simple moving average (4-hours). On the upside, TRX is facing resistance near the $0.0770 level. The next major resistance is near the $0.078 level.
A close above $0.078 could send the price looking towards the $0.0800 resistance zone. More gains could send TRX price to $0.0825, above which the price could even rally to $0.085. On the downside, the initial support is near the $0.0752 level.
There is also a major uptrend line forming with support near $0.0752 on the 4-hours chart. The next major support is now forming near $0.0718 or the 61.8% Fibonacci retracement level of the ascending wave from the $0.0669 low to $0.0798 high.
If there is a break below the $0.0718 support, the price could revisit the $0.0700 support. Any further losses could require a move towards the $0.0665 area in the near term.
The TRX price is now trading below $0.0780 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if it breaks out of the $0.0780 resistance zone.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is now gaining momentum in the bearish zone.
4 hours RSI – The RSI for TRX/USD is below the 50 level.
Key support levels: $0.0752 and $0.0718.
Key resistance levels: $0.0780, $0.080, and $0.0825.
According to CryptoPredictions, the TRX Price is forecasted for today (05.31.2023) to be in the $0.065057592354565 – $0.095672929933184 price range. TRON is predicted to end today at $0.076538343946547.
TRON started in May 2023 at $0.067494794309736 and is predicted to finish the month at $0.054584191645051. During May, the maximum forecasted TRX price is $0.10922287561379 and the minimum price is $0.054584191645051.
Following this portal’s forecast, TRON is predicted to start in June 2023 at $0.07488913854695 and finish the month at $0.08025996738947. During June, the maximum forecasted TRX price is $0.1090406793054 and the minimum price is $0.074147661927674.
By Audy Castaneda
