Tron Price Continues to Rise Above Resistance Levels
The price of Tron (TRX) is experiencing an upward trend against the US dollar, surpassing the $0.0850 resistance level. Currently, it is trading above $0.0862 and the 100 simple moving average (4 hours).
A significant bullish trend line is forming with support near $0.0855 on the 4-hour chart of the TRX/USD pair sourced from Kraken. This indicates that the pair has the potential to continue climbing higher towards $0.092 or even $0.095.
Tron Price Gains Strength
In the previous analysis, we discussed the possibility of TRX gaining more value against the US Dollar. TRX remained stable, outperforming Bitcoin, and surpassed the $0.082 resistance level.
The bulls successfully pushed the price above both the $0.0825 and $0.0850 resistance levels, resulting in a high near $0.0879. Currently, the price is consolidating these gains and there are indications that it could further increase beyond $0.088.
The upward movement from the swing low of $0.0820 to the high of $0.0879 shows that TRX is trading comfortably above its 23.6% Fib retracement level. Additionally, it is also trading above $0.0865 and the 100 simple moving average (4 hours). On the 4-hour chart, a major bullish trend line with support near $0.0855 can be observed.
The first major resistance lies at around $0.088, followed by another at $0.0920. If TRX manages to break through these levels, it may experience an accelerated rise towards $0.095.
Source: TRXUSD on TradingView.com
A successful breach of the $0.095 resistance could push TRX even higher, potentially reaching $0.10. The next significant resistance level is near $0.105, and if surpassed, it may lead to a larger increase towards $0.112.
Will TRX Experience Dips?
If TRX fails to overcome the $0.088 resistance level, it could initiate a downward correction. The initial support on the downside can be found near the $0.0867 zone, followed by the major support at either the $0.0855 level or the trend line.
The trend line aligns closely with the 50% Fib retracement level from the swing low of $0.0820 to the high of $0.0879. If TRX breaks below this level, it may test the 100 simple moving average (4 hours), with further support found at $0.0830.
Technical Indicators
The 4-hour MACD for TRX/USD is gaining momentum in the bullish zone, suggesting a positive trend. Additionally, the 4-hour RSI (Relative Strength Index) for TRX/USD currently sits above the 50 level, indicating a favorable market condition for Tron.
Major Support and Resistance Levels
Major Support Levels: $0.0867, $0.0855, and $0.0830.
Major Resistance Levels: $0.0880, $0.0920, and $0.0950.
Hot Take: Tron’s Price Surge Indicates a Bullish Trend
The recent price surge of Tron (TRX) against the US dollar showcases a strong bullish trend. With consistent gains and resistance levels being surpassed, TRX has the potential to continue its climb towards higher price targets such as $0.092 and $0.095. However, if it fails to overcome the $0.088 resistance level, a downside correction may occur, with initial support found near $0.0867. Technical indicators indicate positive market conditions for TRX, making it an interesting cryptocurrency to watch in the coming days.
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