Tron price is showing positive signs above $0.080 against the US Dollar. TRX is outperforming Bitcoin and could start another increase toward $0.10.
- Tron is moving higher above the $0.0800 pivot level against the US dollar.
- The price is trading above $0.080 and the 100 simple moving average (4 hours).
- There is a connecting bullish trend line forming with support near $0.0780 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
- The pair could continue to climb higher toward $0.085 or even $0.095.
Tron Price Surges Further
In the last Tron price analysis, we discussed the chances of more gains in TRX against the US Dollar. TRX formed a base above the $0.0770 level and started another increase.
There was a clear move above the $0.080 resistance zone, outperforming Bitcoin. The price even cleared the $0.082 level. A high is formed near $0.0828 and the price is now correcting gains below the 23.6% Fib retracement level of the upward move from the $0.0770 swing low to the $0.0828 high.
TRX is now trading above $0.080 and the 100 simple moving average (4 hours). There is also a connecting bullish trend line forming with support near $0.0780 on the 4-hour chart of the TRX/USD pair.
Source: TRXUSD on TradingView.com
On the upside, an initial resistance is near the $0.0815 level. The first major resistance is near $0.0828, above which the price could accelerate higher. The next resistance is near $0.085. A close above the $0.085 resistance might send TRX further higher. The next major resistance is near the $0.092 level, above which the bulls are likely to aim a larger increase toward the key $0.10 zone in the coming days.
Are Dips Supported in TRX?
If TRX price fails to clear the $0.0815 resistance, it could slowly move lower. Initial support on the downside is near the $0.080 zone. The first major support is near the $0.0792 level or the 61.8% Fib retracement level of the upward move from the $0.0770 swing low to the $0.0828 high.
The next support is near $0.0780 or the trend line, below which the price could accelerate lower. The next major support is $0.0755.
Technical Indicators
4 hours 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 50 level.
Major Support Levels – $0.080, $0.0792, and $0.0780.
Major Resistance Levels – $0.0815, $0.0828, and $0.092.
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.
