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Home»Analysis»TRX Extends Rally As Bulls Eye $0.08
Analysis

TRX Extends Rally As Bulls Eye $0.08

2023-05-22No Comments3 Mins Read
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Tron price is up more than 5% and is gaining pace above $0.072 against the US Dollar. TRX outperformed Bitcoin and could rise further towards USD 0.080.

  • Tron is trading in a positive zone above the $0.0720 pivot level against the US Dollar.
  • The price is trading above $0.072 and the 100 simple moving average (4 hours).
  • A major bullish trendline is forming with support near $0.0728 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
  • The pair is likely to continue higher if it crosses the $0.0765 resistance level.

Tron Price Increases 5%

In the past few sessions, Tron’s price surged above the $0.0700 level against the US dollar, outperforming Bitcoin and Ethereum. TRX broke many hurdles near the $0.072 resistance and the 100 simple moving average (4 hours).

The price was trading close to the $0.0780 resistance. A high is forming near $0.0768 and the price is now consolidating gains near the 23.6% Fib retracement level from the upward move from the $0.0668 swing low to the $0.0768 high . It is now trading above $0.072 and the 100 simple moving average (4 hours).

A major bullish trendline is also forming with support near $0.0728 on the 4-hour chart of the TRX/USD pair. On the upside, an initial resistance is near the $0.0750 zone.

Tron price prediction

Source: TRXUSD at TradingView.com

A close above the $0.0750 resistance could send TRX even higher. The next major resistance is near the $0.0768 level, above which the bulls are likely to seek a larger gain towards the key $0.0800 zone in the coming sessions. Any further gains could set the pace for a move towards the $0.082 level.

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Dips are probably limited in TRX

If the TRX price fails to cross the $0.0768 mark, it may correct lower. The first support on the downside is near the $0.0728 zone and the trendline.

The next major support is near the $0.0720 level or the 50% Fib retracement level of the upward move from the $0.0668 swing low to the $0.0768 high. The main support is at $0.0700, below which there is a risk of a move towards the $0.0668 support.

Technical indicators

4am 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 65 level.

Main Support Levels – $0.0728, $0.0720 and $0.0700.

Key resistance levels – $0.0750, $0.0768 and $0.080.

Source link

#TRX Bulls Extends Eye rally
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