Tron Price Remains Supported
Tron is currently seeing an upward trend, moving higher from the $0.0738 support zone against the US dollar. The price is trading above $0.0750 and the 100 simple moving average (4 hours). There is a crucial contracting triangle forming with resistance near $0.0775 on the 4-hour chart of the TRX/USD pair. If the pair manages to break $0.0775 and $0.0780, it could continue to climb higher.
Key Points:
– Tron’s price faced rejection near the $0.0780 resistance level.
– The bulls were active near the $0.0750 support level, preventing a further decline.
– The price is showing positive signs and outperforming Bitcoin and Ethereum.
– An initial resistance level is near $0.0775, with a crucial contracting triangle forming.
– The next major resistance levels are $0.0780, $0.0800, and $0.0832.
Are Dips Supported in TRX?
If the TRX price fails to clear the $0.0780 resistance, it could experience a downside correction. The initial support level on the downside is near $0.0760 and the 100 SMA. The first major support level is near $0.0750, below which the price could accelerate lower. The next major support level is $0.0715.
Technical Indicators
The 4-hour MACD for TRX/USD is gaining momentum in the bullish zone, indicating a positive trend. The 4-hour RSI (Relative Strength Index) for TRX/USD is currently above the 50 level, further supporting the positive outlook.
Hot Take:
Tron’s price is showing strength and resilience, with the potential for further gains if it breaks resistance levels. However, if it fails to clear the resistance, a downside correction is possible. Overall, the technical indicators suggest a bullish trend for TRX.
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