Tron (TRX) is making significant strides in the cryptocurrency market as its price surpasses the key resistance level at $0.0850 against the US dollar. Currently trading at $0.0862, TRX comfortably sits above the 100 simple moving average on the 4-hour chart, indicating a positive trend. Notably, a prominent bullish trend line has emerged, providing crucial support at approximately $0.0855, as per data sourced from Kraken.
The outlook for Tron appears highly bullish, with the potential for further gains. Recent activity in the cryptocurrency market suggests that TRX could aim higher, surpassing the $0.092 mark and potentially reaching $0.095. Tron has demonstrated stability and outperformed Bitcoin, breaking through resistance levels at $0.0825 and $0.0850. The recent peak of around $0.0879 and the current price action indicate room for further advancement, potentially extending beyond $0.088.
TRX maintains a strong position, trading well above the 23.6% Fibonacci retracement level, calculated from the swing low at $0.0820 to the recent high at $0.0879. It remains above $0.0865 and the 100 simple moving average on the 4-hour chart. The presence of a significant bullish trend line near $0.0855 further enhances the positive sentiment surrounding Tron’s performance.
On the upside, the initial resistance zone to monitor is near $0.088, followed by a more substantial hurdle at around $0.092. A successful breach of this level could trigger an accelerated ascent. The next major resistance is situated at approximately $0.095. Should TRX close above the $0.095 resistance, it could pave the way for further upward movement toward $0.10. Beyond that point, the bulls may set their sights on a more substantial increase, targeting the $0.105 level and potentially reaching $0.112.
In the event that TRX struggles to overcome the $0.088 resistance, a downside correction may occur. Initial support can be found around the $0.0867 zone, followed by more substantial support at $0.0855, coinciding with the trend line.
For traders and investors, key support levels to monitor are $0.0867, $0.0855, and $0.0830. Conversely, key resistance levels include $0.0880, $0.0920, and $0.0950. These levels and indicators will be closely watched by market participants as Tron continues its bullish journey, providing potential trading opportunities and confirming trends.
