Tron (TRX) is displaying strength as its price surges above $0.0780 against the US Dollar. TRX’s performance is outpacing Bitcoin, and it could potentially rally even further, aiming for the $0.0800 resistance level.
- Tron is on an upward trajectory, surpassing the $0.0750 pivot level against the US dollar.
- The price is currently trading above $0.078 and is supported by the 100 simple moving average (4 hours).
- A significant development occurred with the breakout of a major contracting triangle that had resistance around $0.0770 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
- The pair has the potential to continue its ascent towards $0.088 and possibly even $0.10.
Tron Price’s Upward Momentum
In the previous Tron price prediction, we discussed the possibility of an upward breakout against the US Dollar. TRX has indeed remained well-supported and stable above the $0.0750 level.
It has embarked on a noteworthy uptrend, surpassing several key obstacles near $0.0775, outperforming Bitcoin in the process. Notably, there was a significant breakout above a major contracting triangle that had resistance around $0.0770 on the 4-hour chart of the TRX/USD pair. The pair continued its upward move, even clearing the $0.0785 level.
The price reached a high near $0.0793, and it is currently consolidating gains while remaining above the 23.6% Fibonacci retracement level of the upward swing from the $0.0751 swing low to the $0.0793 high.
TRX is presently trading above $0.078 and is supported by the 100 simple moving average (4 hours). Looking ahead, the initial resistance level is approximately $0.0795. The primary resistance lies around $0.080, and if this level is breached, the price could gain further momentum. The subsequent resistance is around $0.088.
A decisive close above the $0.0880 resistance level could propel TRX to even greater heights. The next major resistance zone is located near $0.095, and a breach of this level could encourage the bulls to aim for the crucial $0.10 zone in the days ahead.
Potential Limited Downturns for TRX
Should TRX price struggle to surpass the $0.080 resistance, it may initiate a downward correction. The initial support on the downside can be found around the $0.0780 zone.
The foremost major support level is near $0.0770 or the 50% Fibonacci retracement level of the upward swing from the $0.0751 swing low to the $0.0793 high. A drop below this level could lead to an acceleration in the bearish momentum. The subsequent significant support is situated at $0.0750.
Technical Indicators
- 4-Hour MACD – The MACD for TRX/USD is gaining bullish momentum in the bullish zone.
- 4-Hour RSI (Relative Strength Index) – The RSI for TRX/USD is presently above the 50 level.
- Major Support Levels – $0.0780, $0.0770, and $0.0750.
- Major Resistance Levels – $0.080, $0.0880, and $0.100.