Tron Price Analysis: TRX Continues to Surge Higher
The price of Tron (TRX) is steadily increasing above the $0.0800 pivot level against the US dollar. Currently, the price is trading above $0.080 and the 100 simple moving average (4 hours), indicating a positive trend.
A bullish trend line is forming with support near $0.0780 on the 4-hour chart of the TRX/USD pair. This suggests that the price may continue to climb higher, potentially reaching $0.085 or even $0.095.
Tron Price Surges Further
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In the previous analysis, it was predicted that TRX would experience more gains against the US dollar. The cryptocurrency formed a base above the $0.0770 level and has since started to increase in value.
TRX surpassed the $0.080 resistance zone, outperforming Bitcoin. The price even cleared the $0.082 level, reaching a high of about $0.0828. Currently, the price is undergoing a correction, but it remains above the 23.6% Fib retracement level.
Are Dips Supported in TRX?
If the TRX price fails to surpass the $0.0815 resistance level, it may experience a gradual decline. The initial support on the downside is around $0.080, followed by the $0.0792 level or the 61.8% Fib retracement level.
Further support can be found near $0.0780 or the bullish trend line. However, if the price falls below this level, it could potentially accelerate its decline towards the major support at $0.0755.
Technical Indicators
The 4-hour MACD for TRX/USD is showing a loss in bullish momentum. Meanwhile, the RSI (Relative Strength Index) is currently above the 50 level.
Major support levels for TRX include $0.080, $0.0792, and $0.0780, while major resistance levels are at $0.0815, $0.0828, and $0.092.
