The Tron price is rapidly gaining above $0.0865 against the US dollar. TRX is outperforming Bitcoin and could rise further towards $0.091.
- Tron is moving higher above the resistance level at $0.0865 against the US dollar.
- The price is trading above USD 0.0870 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trendline with resistance near $0.0850 on the 4-hour chart of the TRX/USD pair (Kraken data source).
- The pair could rise further towards $0.0885 or even $0.091.
Tron Price aims higher
After a rejection near $0.0910, Tron price started a downward correction. TRX fell below the USD 0.088 and USD 0.0865 support levels. Finally, it found support near the $0.0850 zone.
A low was formed near $0.0847 and the price is now rising. It broke some hurdles near the $0.0850 level. There was a break above a key bearish trendline with resistance near $0.0850 on the 4-hour chart of the TRX/USD pair.
The pair is up over 2%, outperforming Bitcoin and Ethereum. It also cleared the 23.6% Fib retracement level of the downward move from the $0.0910 swing high to the $0.0847 low.
TRX price is now trading above USD 0.0870 and the 100 simple moving average (4 hours). On the upside, initial resistance is near the $0.0875 level and the 100 simple moving average (4 hours). The first major resistance is near $0.0880 or the 50% Fib retracement level of the downward move from the $0.0910 swing high to the $0.0847 low, above which the price could accelerate higher.
Source: TRXUSD on TradingView.com
The next resistance is near $0.091. A close above the $0.091 resistance could send TRX further higher towards $0.095. The next major resistance is near the USD 0.098 level, above which bulls are likely to target a bigger move towards USD 0.100.
New drop in TRX?
If TRX price fails to clear the USD 0.0875 resistance, it could initiate a downside correction. The initial downside support is near the $0.0862 zone.
The first major support is near the USD 0.0850 level, below which USD 0.0847 could test. Any further losses could send Tron towards the $0.0830 support in the coming sessions.
Technical indicators
4-hour MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.
Major support levels – $0.0862, $0.0850 and $0.0830.
Major resistance levels – $0.0875, $0.0880 and $0.0910.
