The price of a tron is rising faster than $0.0865 compared to the US dollar. TRX is outperforming Bitcoin and has room to grow, maybe reaching $0.091.
In relation to the US dollar, Tron is rising over the $0.0865 barrier level.
The 100 simple moving average (4-hour) and $0.0870 are being traded above by the price.
On the TRX/USD pair’s 4-hour chart, there was a break over a significant negative trend line with resistance close to $0.0850 (data source from Kraken).
The pair may rise further, maybe to $0.0885 or perhaps $0.091.
Price of Tron Sees Increase
Following a rejection at $0.0910, the price of Tron began to decline. TRX dropped below the support levels of $0.088 and $0.0865. It eventually located support close to the $0.0850 region.
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At $0.0847, a low was made, and the price is still climbing. It cleared a few obstacles close to the $0.0850 mark. On the TRX/USD pair’s 4-hour chart, there was a break over a significant negative trend line with resistance close to $0.0850.
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The pair is outpacing Ethereum and Bitcoin, up more than 2%. Additionally, it passed through the 23.6% Fib retracement level of the decline from the swing high of $0.0910 to the low of $0.0847.
The price of TRX is now trading above both the 100 simple moving average (4 hours) and $0.0870. The 100 simple moving average (4-hour) and the $0.0875 level serve as early resistance levels on the rise.
The price may surge higher over the first significant barrier, which is located around $0.0880, or the 50% Fib retracement level of the decline from the $0.0910 swing high to the $0.0847 low.
Next resistance lies close to $0.091. TRX might move higher towards $0.095 if it closes above the resistance level of $0.091. The bulls will probably seek for a bigger advance towards $0.100 over the next significant barrier, which is located close to the $0.098 level.
Recent Drop in TRX?
TRX price may begin a downward correction if it is unable to break through the $0.0875 barrier. Initial downside support is seen in the vicinity of $0.0862.
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It might test $0.0847 below the first significant support, which is located close to the $0.0850 level. In the upcoming sessions, any more losses might push Tron towards the $0.0830 support level.
Technical Measures
- Four-hour MACD: The TRX/USD MACD is strengthening in the positive area.
- Four-hour Relative Strength Index (RSI): At this moment, the TRX/USD RSI is above the 50 mark.
- $0.0862, $0.0850, and $0.0830 are the major support levels.
- $0.0875, $0.0880, and $0.0910 are the main resistance levels.
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