The Tron price is up more than 5% and is showing positive signs above $0.068 against the US Dollar. TRX outperformed Bitcoin and continued to climb towards USD 0.075.
- Tron is trading in a positive zone above the $0.0680 pivot level against the US Dollar.
- The price is trading above $0.0685 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near $0.0692 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
- The pair is likely to continue higher if it crosses the $0.0695 resistance level.
Tron price signals uptrend
Over the past few sessions, Tron’s price has held strong above the $0.0650 level against the US dollar, outperforming Bitcoin and Ethereum. TRX gained momentum for a clear move above the $0.068 resistance and the 100 simple moving average (4 hours).
The price was trading close to the $0.070 resistance. A high is forming near $0.0699 and the price is now consolidating gains above the 23.6% Fib retracement level from the upward move from the $0.0640 swing low to the $0.0699 high.
It is now trading above $0.0685 and the 100 simple moving average (4 hours). A major bullish trendline is also forming with support near $0.0692 on the 4-hour chart of the TRX/USD pair. On the upside, an initial resistance is near the $0.0700 zone.
Source: TRXUSD at TradingView.com
A close above the $0.070 resistance could send TRX even higher. The next major resistance is near the $0.0720 level, above which the bulls are likely to seek a larger gain towards the key $0.0750 zone in the coming sessions. Any further gains could set the pace for a move towards the $0.078 level.
Dips are probably limited in TRX
If the TRX price fails to cross the $0.070 mark, it may correct lower. The first support on the downside is near the $0.069 zone and the trendline.
The next major support is near the $0.0670 level and the 100 simple moving average (4 hours). The main support is at $0.0662, below which there is a risk of a move towards the $0.064 support.
Technical indicators
4am MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.
Main Support Levels – $0.0690, $0.0670 and $0.0640.
Main resistance levels – $0.070, $0.072 and $0.075.