Tron price is rising and trading above USD 0.0760 against the US Dollar. TRX is outperforming Bitcoin and it could rise further towards the USD 0.0820 resistance.
- Tron is moving higher off the USD 0.0720 support zone against the US Dollar.
- The price is trading above USD 0.0760 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near USD 0.0762 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
- The pair could continue to rise towards $0.080 and $0.0820.
Tron Price Starts New Rise
This past week saw the price of Tron fall sharply below the $0.0760 support against the US dollar, similar to Bitcoin and Ethereum. TRX tested the $0.0715 zone where the bulls took a stand.
A low was formed near USD 0.0713 and the price started to rise again. There was a decent rise above the USD 0.0740 and USD 0.0750 resistance levels. It even outperformed Bitcoin in the past few sessions and broke the USD 0.0760 resistance.
There was movement above the 76.4% Fib retracement level of the downward move from the $0.0775 swing high to the $0.0713 low. TRX is now trading above USD 0.0760 and the 100 simple moving average (4 hours).
A major bullish trendline is also forming with support near $0.0762 on the 4-hour chart of the TRX/USD pair. On the upside, initial resistance is near the USD 0.0790 zone. The first major resistance is near USD 0.080, above which the price could move towards the USD 0.0820 resistance or the 1.618 Fib extension level of the downward move from the USD 0.0775 swing high to the USD 0.0713 low.
Source: TRXUSD at TradingView.com
A close above the USD 0.0820 resistance could send TRX further up. The next major resistance is near the USD 0.0850 level, above which the bulls are likely to aim a larger gain towards the main USD 0.0900 zone in the coming days.
Are dips limited in TRX?
If the TRX price fails to clear the USD 0.080 resistance, a downside correction could take place. The initial downside support is near the $0.0760 zone and the trendline.
The first major support is near the USD 0.0745 level, below which the price might accelerate lower. The next major support is at USD 0.0715.
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.
Key Support Levels – $0.0760, $0.0745 and $0.0715.
Key resistance levels – $0.0790, $0.0800 and $0.0820.