Tron (TRX) Price Analysis: Bulls In Control Above $0.10

Tron price started a fresh rally above the $0.1000 resistance zone against the US Dollar. TRX price is now trading above $0.1000 and the 55 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near $0.1020 on the 4-hours chart (data feed via Bitfinex). The pair is correcting […]

Glenn 03 Nov, 2021 3 min

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Tron price started a fresh rally above the $0.1000 resistance zone against the US Dollar.
TRX price is now trading above $0.1000 and the 55 simple moving average (4-hours).
There was a break above a major bearish trend line with resistance near $0.1020 on the 4-hours chart (data feed via Bitfinex).
The pair is correcting gains, but dips are likely to be limited below $0.1000.

TRON price remained well bid above $0.1000 against the US Dollar, similar to bitcoin. TRX price is rising and it could continue to rise above the $0.1100 level.

Tron Price Analysis

After a close above $0.0950, tron price started a fresh increase against the US Dollar. TRX price surged above the $0.1000 and $0.1020 resistance levels to move into a positive zone.

The price even surged above $0.1050 and the 55 simple moving average (4-hours). There was also a break above a major bearish trend line with resistance near $0.1020 on the 4-hours chart. A high is formed near $0.1105 and it is now correcting gains.

There was a break below the $0.1080 level. It is now approaching the 23.6% Fib retracement level of the upward move from the $0.0882 swing low to $0.1105 high.

On the downside, an initial support is near the $0.1050 level. The first major support is now forming near $0.1000. The 50% Fib retracement level of the upward move from the $0.0882 swing low to $0.1105 high is also near the $0.0995 level.

Any more losses might call for a decline towards the $0.0950 level. The next major support is near the $0.0920 level in the near term. On the upside, an initial resistance is near the $0.1080 level. The first major resistance is near the $0.1100 level. A close above $0.1100 and $0.1120 is must for a fresh increase.

In the stated case, the price could rise towards the $0.1200 resistance in the near term. Any more gains could set the pace for a larger increase towards the $0.1250 level.

Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.1000 and the 55 simple moving average (4-hours). Overall, the price correcting gains, but dips are likely to be limited below $0.1000.