Tron (TRX) is exhibiting positive signs and has been outperforming Bitcoin. It is currently trading above $0.080 against the US Dollar and could potentially move towards $0.10. Let’s delve deeper into the analysis of the TRX/USD pair.
In the previous Tron price analysis, it was discussed that TRX had formed a base above the $0.0770 level, indicating the potential for further gains. This prediction turned out to be accurate as TRX experienced an increase in value.
As TRX started to surge, it surpassed the $0.080 resistance zone, outperforming Bitcoin. The price even surpassed the $0.082 level and reached a high near $0.0828. Currently, the price is undergoing a correction below the 23.6% Fibonacci retracement level of the upward move from the $0.0770 swing low to the $0.0828 high.
Despite the correction, TRX is still trading above $0.080 and the 100 simple moving average (4 hours), indicating positive momentum. A bullish trend line is also forming, with support near $0.0780 on the 4-hour chart of the TRX/USD pair.
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Looking at the chart, we can see that there is an initial resistance near the $0.0815 level. However, if TRX manages to surpass this resistance, it could experience an acceleration towards higher levels. The next resistance is positioned at $0.085. If TRX closes above this level, it has the potential to move even higher, with the next major resistance near $0.092. Breaking this level could lead to a larger increase towards the key $0.10 zone in the coming days.
In the event that TRX fails to clear the $0.0815 resistance, there might be a slow decline in price. The initial support lies near the $0.080 zone. However, if TRX falls below this level, it could accelerate its decline. The first major support comes into play near $0.0792, which is the 61.8% Fibonacci retracement level. If the trend line support at $0.0780 is breached, the price might experience a further decline with the next major support at $0.0755.
Examining the technical indicators, the 4-hour MACD (Moving Average Convergence Divergence) for TRX/USD is currently losing momentum in the bullish zone. On the other hand, the 4-hour RSI (Relative Strength Index) is above the 50 level, indicating positive momentum.
To summarize, TRX is exhibiting positive signs and has the potential to continue climbing higher towards $0.085 and even $0.095. However, if the price fails to surpass the $0.0815 resistance, a decline towards the support levels at $0.080 and $0.0792 could be expected. The overall technical indicators suggest that TRX is currently in a bullish phase, but further market analysis is needed to determine the future trajectory of the price.
Disclaimer: The information provided here is not investment advice. It is purely for informational purposes only. Investing in cryptocurrencies carries a high level of risk and may not be suitable for all investors.
