/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Supra_Et_Ultra_2023_7_25_94252.263_1440p_streamshot.png)
Tron price gained more than 5% and is gaining momentum above $0.072 against the US Dollar. TRX outperformed bitcoin and it could move higher towards $0.080.
- Tron was 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).
- There is a major bullish trend line forming with support near $0.0728 on the 4-hours chart of the TRX/USD pair (data source from Kraken).
- The pair is likely to continue higher if it clears the $0.0765 resistance level.
Tron Price Increases By 5%
In the past few sessions, Tron price climbed above the $0.0700 level against the US Dollar, outperforming bitcoin and Ethereum. TRX broke several hurdles near the $0.072 resistance and the 100 simple moving average (4-hours).
The price is trading near the $0.0780 resistance. There was a high formed near $0.0768 and the price is now consolidating gains near the 23.6% Fib retracement level from the $0.0668 low to $0.0768 high. It is now trading above $0.072 and the 100 simple moving average (4-hours).
There is also a major bullish trend line forming with support near $0.0728 on the 4-hours chart of the TRX/USD pair. On the upside, an initial resistance is near the $0.0750 area.
Source: TRXUSD on TradingView.com
A close above the $0.0750 resistance could propel TRX higher. The next major resistance is near the $0.0768 level, above which the bulls could aim for a major increase towards the key $0.0800 area in the coming sessions. Any more gains could set the pace for a move towards the $0.082 level.
TRX downside likely to be limited
If TRX price fails to overcome the $0.0768 hurdle, it could correct lower. An initial support on the downside is near the $0.0728 zone and the trend line.
The next major support is near the $0.0720 level or the 50% Fib retracement level of the upward move from the $0.0668 low to $0.0768 high. The main support is $0.0700, below which there is a risk of a move towards the $0.0668 support.
technical indicators
4 hours 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 well above the 65 level.
Key Support Levels – $0.0728, $0.0720 and $0.0700.
The main resistance levels are $0.0750, $0.0768, and $0.080.
