Tron price is up over 5% and showing positive signs above $0.068 against the US Dollar. TRX outperformed Bitcoin and rise further towards $0.075.
- Tron is trading in a positive zone above the $0.0680 pivot level against the US dollar.
- The price is trading above $0.0685 and the 100 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $0.0692 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
- The pair is likely to continue higher if it clears the $0.0695 resistance level.
Tron Price Signals Uptrend
In the past few sessions, Tron’s price remained strong above the $0.0650 level against the US Dollar, outperforming Bitcoin and Ethereum. TRX gained pace for a clear move above the $0.068 resistance and the 100 simple moving average (4 hours).
The price traded close to the $0.070 resistance. A high is formed near $0.0699 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.0640 swing low to the $0.0699 high.
It is now trading above $0.0685 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.0692 on the 4-hour chart of the TRX/USD pair. On the upside, an initial resistance is near the $0.0700 zone.
Source: TRXUSD on TradingView.com
A close above the $0.070 resistance might send TRX further higher. The next major resistance is near the $0.0720 level, above which the bulls are likely to aim a larger increase toward the key $0.0750 zone in the coming sessions. Any more gains could set the pace for a move toward the $0.078 level.
Dips Likely to be Limited in TRX
If TRX price fails to clear the $0.070 barrier, it could correct lower. Initial support on the downside is near the $0.069 zone and the trend line.
The next major support is near the $0.0670 level and the 100 simple moving average (4 hours). The main support is $0.0662, below which there is a risk of a move toward the $0.064 support.
Technical Indicators
4 hours 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 – $0.0690, $0.0670, and $0.0640.
Major Resistance Levels – $0.070, $0.072, and $0.075.
Aayush Jindal
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
