The Tron price prediction suggests that TRX, the cryptocurrency associated with the Tron blockchain platform, is displaying positive performance against Bitcoin and has the potential to rally further towards the $0.095 mark. Currently, Tron’s price is holding above the key support level of $0.0825 against the US Dollar and is also trading above the 100 simple moving average (4 hours), indicating a bullish trend.
On the 4-hour chart of the TRX/USD pair, a short-term contracting triangle is forming with a resistance level around $0.0844. This suggests that there is a consolidation phase taking place before a potential breakout. If Tron manages to surpass this resistance level, it may experience an acceleration in its upward movement towards the next resistance levels at $0.0850, $0.088, and eventually $0.095.
In the previous Tron price analysis, it was highlighted that TRX had outperformed Bitcoin against the US Dollar and had successfully maintained stability above the pivotal level of $0.080. This was followed by a notable increase above the resistance levels of $0.0825 and $0.0832. The price reached a high point near $0.0849 before undergoing a minor correction.
During the correction, the price briefly dipped below $0.0835, but the bulls swiftly intervened and provided support near the $0.0830 level. This indicates a strong buying interest and suggests that the overall bullish sentiment is intact.
Looking at the technical indicators, the Moving Average Convergence Divergence (MACD) for TRX/USD on the 4-hour chart is showing positive momentum in the bullish zone. Additionally, the Relative Strength Index (RSI) is currently above 50, indicating favorable conditions for further upward movement.
Source: NEWSBTC
