Tron’s price has been steadily rising above the $0.0720 pivot level against the US dollar. It is currently trading above $0.072 and the 100 simple moving average (4 hours). There was a significant breakthrough above a bearish trend line with resistance near $0.0735 on the 4-hour chart. If the price clears the $0.0750 resistance level, Tron is likely to continue its upward movement.
In the past few days, Tron’s price has experienced a 5% jump, following the trend of Bitcoin and Ethereum. It surpassed the $0.070 resistance and the 100 simple moving average (4 hours). There was also a clear move above the 23.6% Fib retracement level. Tron’s price is now trading above $0.072 and the 100 simple moving average (4 hours). The next hurdle is the $0.0750 zone, which is close to the 50% Fib retracement level.
If Tron fails to clear the $0.0750 resistance, it could experience a correction lower. The initial support on the downside is around the $0.0730 zone and the trend line. The next major support levels are near $0.0715 and the 100 simple moving average (4 hours). The main support is at $0.0690, with a risk of a move towards the $0.0650 support.
The technical indicators for Tron suggest a bullish momentum, with the MACD and RSI in the bullish zone. The major support levels are at $0.0732, $0.0715, and $0.0690, while the major resistance levels are at $0.0750, $0.080, and $0.085.
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