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.
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.
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.
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