Tron price is up over 4% from lows and showing positive signs above $0.062 against the US Dollar. TRX could outperform bitcoin and rise further towards $0.075.
- Tron price is trading in a positive zone well above the $0.0620 pivot level against the US dollar.
- The price is showing positive signs above $0.062 and the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.0630 on the 4-hours chart of the TRX/USD pair (data source from Kraken).
- The pair is likely to continue higher if it clears the $0.0668 resistance level.
Tron Price Signals Uptrend
In the past few days, tron price remained strong above the $0.0600 level against the US Dollar, outperforming bitcoin and ethereum. TRX gained pace for a clear move above the $0.062 resistance and the 100 simple moving average (4-hours).
The last swing low was formed at $0.0619 before there was a fresh increase. There was a clear move above the 23.6% Fib retracement level of the downward move from the $0.0717 swing high to $0.0619 low.
Trx price is now above $0.064 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.0630 on the 4-hours chart of the TRX/USD pair. On the upside, an initial resistance is near the $0.0668 level. It is close to the 50% Fib retracement level of the downward move from the $0.0717 swing high to $0.0619 low.
Source: TRXUSD on TradingView.com
The next major resistance is near the $0.0680 level, above which the bulls are likely to aim a larger increase towards the key $0.0720 zone in the coming sessions. Any more gains could set the pace for a move towards the $0.075 level.
Dips Likely to be Limited in TRX
If TRX price fails to clear the $0.0668 barrier, it could correct lower. An initial support on the downside is near the $0.0640 zone and the 100 simple moving average (4-hours).
The next major support is near the $0.0630 level and the channel trend line. The main support is $0.0612, below which there is a risk of a move towards the $0.060 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 – $0.0640, $0.0630 and $0.0612.
Major Resistance Levels – $0.0668, $0.0680 and $0.0720.
