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.
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Author: Aayush Jindal
