The price of Tron (TRX) is showing a strong upward trend against the US Dollar, surpassing the key level of $0.0780. In fact, TRX is outperforming Bitcoin and has the potential to rally even further above the resistance level of $0.0800.
Currently, TRX is trading above $0.0780 and is comfortably positioned above the 100 simple moving average (4 hours). The recent price action saw a significant breakout as it surpassed a major contracting triangle resistance near $0.0770 on the 4-hour chart of the TRX/USD pair, using data sourced from Kraken.
The breakout above the resistance level indicates bullish momentum and suggests that the price could continue climbing higher. TRX managed to clear the $0.0785 level, reaching a high of around $0.0793. Currently, the price is consolidating its gains above the 23.6% Fibonacci retracement level of the upward move from the swing low of $0.0751 to the high of $0.0793.
If TRX fails to clear the resistance around $0.0800, a downside correction might occur. Initial support is expected near the $0.0780 zone. Should the price decline further, the first major support lies around the $0.0770 level, which coincides with the 50% Fibonacci retracement level of the upward move from the swing low of $0.0751 to the high of $0.0793. A break below this level could potentially accelerate the downside movement, with the next significant support seen at $0.0750.
In terms of technical indicators, the 4-hour MACD (Moving Average Convergence Divergence) shows increasing bullish momentum, indicating a favorable outlook for TRX. Additionally, the 4-hour RSI (Relative Strength Index) is currently above the 50 level, suggesting that buyers are in control.
Source: NEWSBTC
