Tron price is rising and trading above USD 0.0750 against the US Dollar. TRX is outperforming Bitcoin and it could climb further above the USD 0.0780 resistance.
- Tron is moving higher off the USD 0.0738 support zone against the US Dollar.
- The price is trading above USD 0.0750 and the 100 simple moving average (4 hours).
- A crucial contraction triangle is forming with resistance near USD 0.0775 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
- The pair could rise further if it breaks through $0.0775 and $0.0780.
Tron price remains supported
Over the past week, the price of Tron has seen a rejection pattern near the USD 0.0780 resistance against the US dollar. TRX made a few attempts to clear $0.0775 and $0.0780, but failed.
There was a downside correction below the USD 0.0765 level. The price fell below the 23.6% Fib retracement level of the upward move from the $0.0713 swing low to the $0.0778 high. However, the bulls were active near the USD 0.0750 support.
TRX remained above the 50% Fib retracement level of the upward move from the $0.0713 swing low to the $0.0778 high. The price is now trading above USD 0.0750 and the 100 simple moving average (4 hours).
It is showing positive signs and outperforming both Bitcoin and Ethereum. On the upside, initial resistance is near the USD 0.0775 level. In addition, a crucial contraction triangle is forming with resistance near USD 0.0775 on the 4-hour chart of the TRX/USD pair.
Source: TRXUSD at TradingView.com
The first major resistance is near USD 0.0780, above which the price could start a fresh increase. The next resistance is near USD 0.080. A close above the USD 0.0800 resistance could send TRX further up. The next major resistance is near the USD 0.0832 level, above which the bulls are likely to aim for a larger increase towards the main USD 0.0880 zone in the coming days.
Are dips supported in TRX?
If the TRX price fails to clear the USD 0.0780 resistance, it could start a downside correction. The initial downside support is near the $0.0760 zone and the 100 SMA.
The first major support is near the USD 0.0750 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, $0.0750 and $0.0715.
Key resistance levels – $0.0780, $0.0800 and $0.0832.
