Tron price is rapidly gaining above USD 0.0780 against the US Dollar. TRX is outperforming Bitcoin and it could climb further above the USD 0.0800 resistance.
- Tron is moving above the $0.0750 pivot level against the US Dollar.
- The price is trading above USD 0.078 and the 100 simple moving average (4 hours).
- There was a break above a key contracting triangle with resistance near $0.0770 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
- The pair could continue to rise towards $0.088 or even $0.10.
Tron Price Breaks Higher
In the latest Tron price prediction, we discussed the chances of an upward break against the US Dollar. TRX remained well-bid and stable above the USD 0.0750 level.
It started with a decent increase and broke a few key hurdles near USD 0.0775, outperforming Bitcoin. There was a break above a key contract triangle with resistance near $0.0770 on the 4-hour chart of the TRX/USD pair. The pair even passed the $0.0785 level.
A high is forming near USD 0.0793 and the price is now consolidating gains above the 23.6% Fib retracement level from the upward move from the USD 0.0751 swing low to the USD 0.0793 high.
TRX is trading above USD 0.078 and the 100 simple moving average (4 hours). On the upside, initial resistance is near the USD 0.0795 level. The first major resistance is near USD 0.080, above which the price might accelerate higher. The next resistance is near USD 0.088.
Source: TRXUSD at TradingView.com
A close above the USD 0.0880 resistance could send TRX further up. The next major resistance is near the USD 0.095 level, above which the bulls are likely to aim a larger gain towards the main USD 0.10 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 USD 0.0780 zone.
The first major support is near the $0.0770 level or the 50% Fib retracement level of the upward move from the $0.0751 swing low to the $0.0793 high, below which the price could accelerate lower. The next major support is at USD 0.0750.
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.
Major Support Levels – $0.0780, $0.0770 and $0.0750.
Key resistance levels – $0.080, $0.0880 and $0.100.