Tron price is gaining pace above $0.0865 against the US Dollar. TRX is outperforming Bitcoin and could rise further toward $0.091.
- Tron is moving higher above the $0.0865 resistance level against the US dollar.
- The price is trading above $0.0870 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $0.0850 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
- The pair could continue to climb higher toward $0.0885 or even $0.091.
Tron Price Aims Higher
After facing a rejection near $0.0910, Tron price started a downside correction. TRX declined below the $0.088 and $0.0865 support levels. Finally, it found support near the $0.0850 zone.
A low was formed near $0.0847 and the price is now rising. It broke a couple of hurdles near the $0.0850 level. There was a break above a key bearish trend line with resistance near $0.0850 on the 4-hour chart of the TRX/USD pair.
The pair is up over 2% and outperforming Bitcoin and Ethereum. It also cleared the 23.6% Fib retracement level of the downward move from the $0.0910 swing high to the $0.0847 low.
TRX price is now trading above $0.0870 and the 100 simple moving average (4 hours). On the upside, an initial resistance is near the $0.0875 level and the 100 simple moving average (4 hours). The first major resistance is near $0.0880 or the 50% Fib retracement level of the downward move from the $0.0910 swing high to the $0.0847 low, above which the price could accelerate higher.
Source: TRXUSD on TradingView.com
The next resistance is near $0.091. A close above the $0.091 resistance might send TRX further higher toward $0.095. The next major resistance is near the $0.098 level, above which the bulls are likely to aim for a larger increase toward $0.100.
Fresh Decline in TRX?
If TRX price fails to clear the $0.0875 resistance, it could start a downside correction. Initial support on the downside is near the $0.0862 zone.
The first major support is near the $0.0850 level, below which it could test $0.0847. Any more losses might send Tron toward the $0.0830 support in the coming sessions.
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 – $0.0862, $0.0850, and $0.0830.
Major Resistance Levels – $0.0875, $0.0880, and $0.0910.
Source: NewsBTC.com
