The Tron price is rapidly gaining above $0.0850 against the US dollar. TRX is outperforming Bitcoin and could rise further towards $0.092.
- Tron is moving higher above the resistance level at $0.0850 against the US dollar.
- The price is trading above USD 0.0862 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near $0.0855 on the 4-hour chart of the TRX/USD pair (Kraken data source).
- The pair could rise further towards $0.092 or even $0.095.
Tron Price regains power
In the last Tron price analysis, we discussed the chances of more gains in TRX against the US dollar. TRX held steady, outperforming Bitcoin and trading above the $0.082 resistance level.
The bulls were able to pump the price above the USD 0.0825 and USD 0.0850 resistance levels. A high was formed near USD 0.0879 and the price is currently consolidating gains. The current price action suggests that the price could rise further above USD 0.088.
It is now trading well above the 23.6% Fib retracement level of the upward move from the $0.0820 swing low to the $0.0879 high. TRX is also trading above $0.0865 and the 100 simple moving average (4 hours). There is also a major bullish trendline forming with support near $0.0855 on the 4-hour chart of the TRX/USD pair.
On the upside, initial resistance is around the $0.088 level. The first major resistance is near USD 0.0920, above which the price could accelerate higher. The next resistance is near $0.095.
Source: TRXUSD on TradingView.com
A close above the USD 0.095 resistance could send TRX further up towards USD 0.10. The next major resistance is near the USD 0.105 level, above which bulls are likely to target a bigger move towards USD 0.112.
Are dips limited in TRX?
If TRX price fails to clear the USD 0.088 resistance, a downside correction could occur. The initial downside support is near the $0.0867 zone. The first major support is near the $0.0855 level or trendline.
The trendline is close to the 50% Fib retracement level of the upward move from the $0.0820 swing low to the $0.0879 high, below which the 100 simple moving average (4 hours) could be tested. The next major support is at USD 0.0830.
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 – $0.0867, $0.0855 and $0.0830.
Major resistance levels – $0.0880, $0.0920 and $0.0950.