Connect with us

Crypto News

Tron (TRX) Price Analysis: Bulls Aim Upside Break Above $0.055

Published

on

Tron (TRX) Price

  • Tron price started a fresh increase above the $0.0540 level against the US Dollar.
  • TRX price is now trading above $0.0540 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $0.0541 on the 4-hours chart (data feed via Kraken).
  • The pair could continue to move up if it breaks the $0.0555 resistance zone.

TRON price started a fresh increase above $0.0540 against the US Dollar, similar bitcoin. TRX price could rise further if it clears the $0.0555 resistance.

Tron Price Analysis

This past week, tron price retested the key $0.0533 support zone against the US Dollar. TRX price remained well bid and started a decent increase from the $0.054 zone.

It traded above the $0.0545 and $0.0550 resistance levels to move into a positive zone. During the increase, there was a break above a major bearish trend line with resistance near $0.0541 on the 4-hours chart. The price traded as high as $0.0556 and is currently correcting lower.

There was a move below the $0.055 level. The price tested the 50% Fib retracement level of the upward move from the $0.0532 swing low to $0.0556 high.

It is now trading above $0.0540 and the 55 simple moving average (4-hours). On the upside, TRX is facing resistance near the $0.0550 level.

The first major resistance is near the $0.0555 level. A close above $0.0555 is must for a fresh increase. In the stated case, the price could rise towards the $0.0580 resistance in the near term.

Any more gains might send trx price towards $0.062. On the downside, an initial support is near the $0.0544 level or the 55 simple moving average (4-hours). The next major support is now forming near $0.0540. It is near the 61.8% Fib retracement level of the upward move from the $0.0532 swing low to $0.0556 high.

If there is a downside break below the $0.0540 support, the price might revisit the $0.0532 support. Any more losses might call for a move towards the $0.0500 zone in the near term.

Tron (TRX) Price

The chart indicates that TRX price is now trading above $0.0540 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it breaks the $0.0555 resistance zone.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bullish zone.

4 hours RSI – The RSI for TRX/USD is above the 50 level.

Key Support Levels – $0.0540 and $0.0532.

Key Resistance Levels – $0.0555, $0.056 and $0.060.

Tags: TRON, trx


Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto News

BitPay Announces Partnership With MoonPay – Bitcoin Magazine

Published

on

Bitcoin And Artificial Intelligence Frees Your Time - Bitcoin Magazine


BitPay and MoonPay, leading bitcoin and cryptocurrency payments infrastructure providers, have partnered “to provide BitPay users with significantly increased ways to buy cryptocurrency instantly, and at great rates.”

“BitPay’s unique marketplace experience also presents multiple rates for buyers, ensuring they receive the best possible price for their cryptocurrency purchases,” the press release states. “Additional benefits of the integration include fast delivery to any owned wallet address, as well as the ability for buyers to pay with their preferred method, including credit card, debit card, Apple Pay, Google Pay or a variety of local bank transfer methods.”


Source link

Continue Reading

Crypto News

Why Real Regulatory Change In Crypto Has Not Happened

Published

on

Why Real Regulatory Change In Crypto Has Not Happened



Legislators need to educate themselves on Web3 if they care about protecting consumers, Steven Eisenhauer, chief risk and compliance officer at Ramp, writes.


Source link

Continue Reading

Crypto News

South Korea to deploy cryptocurrency tracking system in 2023

Published

on

South Korea to deploy cryptocurrency tracking system in 2023


The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.

The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.

While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministry’s statement reads:

“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”

The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.

Related: South Korean prosecutors request arrest warrant for Bithumb owner: Report

The South Korean Supreme Court ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.

The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.

“The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service,” the court stated.


Source link

Continue Reading

Trending