Tron price is up over 5% and gaining pace above $0.0725 against the US Dollar. TRX is outperforming Bitcoin and could rise further toward $0.0850.
- Tron is slowly moving higher above $0.0720 pivot level against the US dollar.
- The price is trading above $0.072 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $0.0735 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 $0.0750 resistance level.
Tron Price Jumps 5%
In the past few days, Tron’s price saw a decent increase above the $0.0675 level against the US Dollar, similar to Bitcoin and Ethereum. TRX climbed above the $0.070 resistance and the 100 simple moving average (4 hours).
There was a clear move above the 23.6% Fib retracement level of the key decline from the $0.0849 swing high to the $0.0646 low. Besides, there was a break above a key bearish trend line with resistance near $0.0735 on the 4-hour chart of the TRX/USD pair.
TRON price is now trading above $0.072 and the 100 simple moving average (4 hours). On the upside, an initial resistance is near the $0.0750 zone. It is close to the 50% Fib retracement level of the key decline from the $0.0849 swing high to the $0.0646 low.
Source: TRXUSD on TradingView.com
A close above the $0.0750 resistance might send TRX further higher. The next major resistance is near the $0.0800 level, above which the bulls are likely to aim a larger increase toward the key $0.0850 zone in the coming days. Any more gains could set the pace for a move toward the $0.088 level.
Are Dips Supported in TRX?
If TRX price fails to clear the $0.0750 resistance, it could correct lower. Initial support on the downside is near the $0.0730 zone and the trend line.
The next major support is near the $0.0715 level or the 100 simple moving average (4 hours). The main support is $0.0690, below which there is a risk of a move toward the $0.0650 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 – $0.0732, $0.0715, and $0.0690.
Major Resistance Levels – $0.0750, $0.080, and $0.085.