Tron price is up more than 5% and is gaining pace above $0.072 against the US dollar. TRX outperformed Bitcoin and could rise further towards USD 0.080.
- Tron is trading in a positive zone 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).
- A major bullish trendline is forming with support near $0.0728 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 $0.0765 resistance level.
Tron Price Increases 5%
In the past few sessions, Tron’s price surged above the $0.0700 level against the US dollar, outperforming Bitcoin and Ethereum. TRX broke many hurdles near the $0.072 resistance and the 100 simple moving average (4 hours).
The price was trading close to the $0.0780 resistance. A high is forming near $0.0768 and the price is now consolidating gains near the 23.6% Fib retracement level from the upward move from the $0.0668 swing low to the $0.0768 high . It is now trading above $0.072 and the 100 simple moving average (4 hours).
A major bullish trendline is also forming with support near $0.0728 on the 4-hour chart of the TRX/USD pair. On the upside, an initial resistance is near the $0.0750 zone.
Source: TRXUSD at TradingView.com
A close above the $0.0750 resistance could send TRX even higher. The next major resistance is near the $0.0768 level, above which the bulls are likely to seek a larger gain towards the key $0.0800 zone in the coming sessions. Any further gains could set the pace for a move towards the $0.082 level.
Dips are probably limited in TRX
If the TRX price fails to cross the $0.0768 mark, it may correct lower. The first support on the downside is near the $0.0728 zone and the trendline.
The next major support is near the $0.0720 level or the 50% Fib retracement level of the upward move from the $0.0668 swing low to the $0.0768 high. The main support is at $0.0700, below which there is a risk of a move towards the $0.0668 support.
Technical indicators
4am MACD – The MACD for TRX/USD is losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 65 level.
Main Support Levels – $0.0728, $0.0720 and $0.0700.
Key resistance levels – $0.0750, $0.0768 and $0.080.
