Tron price is up more than 5% and is gaining pace above $0.0725 against the US Dollar. TRX is outperforming Bitcoin and could continue to climb towards USD 0.0850.
- Tron is slowly moving above the $0.0720 pivot level against the US dollar.
- The price is trading above $0.072 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trendline with resistance near $0.0735 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 $0.0750 resistance level.
Tron price up 5%
In the past few days, the price of Tron has seen quite a rise above the $0.0675 level against the US dollar, similar to Bitcoin and Ethereum. TRX climbed above the $0.070 resistance and the 100 simple moving average (4 hours).
There was clear movement above the 23.6% Fib retracement level from the main drop from the $0.0849 swing high to the $0.0646 low. In addition, there was a break above a key bearish trendline with resistance near $0.0735 on the 4-hour chart of the TRX/USD pair.
TRON price is now trading above $0.072 and the 100 simple moving average (4 hours). On the upside, an initial resistance is near the $0.0750 zone. It is close to the 50% Fib retracement level of the main drop from the $0.0849 swing high to the $0.0646 low.
Source: TRXUSD at TradingView.com
A close above the $0.0750 resistance could send TRX even higher. The next major resistance is near the $0.0800 level, above which the bulls are likely to pursue a larger gain towards the key $0.0850 zone in the coming days. Any further gains could set the pace for a move towards the $0.088 level.
Are dips supported in TRX?
If TRX price fails to clear the $0.0750 resistance, it could correct lower. The first support on the downside is near the $0.0730 zone and the trendline.
The next major support is near the $0.0715 level or the 100 simple moving average (4 hours). The main support is at $0.0690, below which there is a risk of support moving towards $0.0650.
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 – $0.0732, $0.0715 and $0.0690.
Key resistance levels – $0.0750, $0.080 and $0.085.
