The Tron price is holding gains above $0.0825 against the US dollar. TRX is outperforming Bitcoin and could rise further towards $0.095.
- Tron is moving higher above the resistance level at $0.0825 against the US dollar.
- The price is trading above USD 0.0830 and the 100 simple moving average (4 hours).
- A short-term contracting triangle is forming with resistance near $0.0844 on the 4-hour chart of the TRX/USD pair (Kraken data source).
- The pair could rise further towards $0.088 or even $0.095.
Tron Price eyes upside down
In the last Tron price prediction, we discussed how TRX outperformed Bitcoin against the US dollar. TRX remained stable and was able to rise above the $0.080 pivot level.
There was a decent rise above the USD 0.0825 and USD 0.0832 resistance levels. A high was formed near $0.0849 and the price recently corrected lower. There was a small decline below the USD 0.0835 level. However, the bulls were active near the USD 0.0830 support.
The price found support near the 23.6% Fib retracement level of the upward move from the $0.0770 swing low to the $0.0849 high. TRX is now trading above $0.0825 and the 100 simple moving average (4 hours). A short-term contracting triangle is also forming with resistance near $0.0844 on the 4-hour chart of the TRX/USD pair.
On the upside, initial resistance is around the $0.0844 level. The first major resistance is near USD 0.0850, above which the price could accelerate higher. The next resistance is near $0.088.
Source: TRXUSD on TradingView.com
A close above the resistance at $0.088 could send TRX further up towards $0.0920. The next major resistance is near the USD 0.095 level, above which bulls are likely to target a bigger move towards USD 0.095.
Are dips limited in TRX?
If the TRX price fails to clear the USD 0.085 resistance, it could slowly decline. The initial downside support is near the $0.083 zone. The first major support is near the $0.082 level or the 100 simple moving average (4 hours).
The next major support is near $0.080 or the 61.8% Fib retracement level of the upward move from the $0.0770 swing low to the $0.0849 high, below which the price could accelerate lower. The next major support is at USD 0.0770.
Technical indicators
4-hour MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.
Major support levels – $0.083, $0.082 and $0.080.
Major resistance levels – $0.085, $0.088 and $0.095.