TRX could reach $0.085.

The price of Tron has increased by over 5% and is gaining momentum above $0.0725 against the US Dollar. It is outperforming Bitcoin and could continue to rise towards $0.0850.

• Tron is gradually increasing 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).
• A key bearish trend line with resistance near $0.0735 on the 4-hour chart of the TRX/USD pair (data source from Kraken) was broken.
• If it clears the $0.0750 resistance level, the pair is likely to continue higher.

Tron Price Jumps 5%

In the past few days, Tron’s price increased significantly above the $0.0675 level against the US Dollar, similar to Bitcoin and Ethereum. TRX climbed above the $0.070 resistance and the 100 simple moving average (4 hours).

The 23.6% Fib retracement level of the key decline from the $0.0849 swing high to the $0.0646 low was clearly surpassed. Additionally, a key bearish trend line with resistance near $0.0735 on the 4-hour chart of the TRX/USD pair was broken.

TRON’s price is now trading above $0.072 and the 100 simple moving average (4 hours). On the upside, an initial resistance is near the $0.0750 zone. It is close to the 50% Fib retracement level of the key decline from the $0.0849 swing high to the $0.0646 low.

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Source: TRXUSD on TradingView.com

A close above the $0.0750 resistance might send TRX further higher. The next major resistance is near the $0.0800 level, above which the bulls are likely to aim a larger increase toward the key $0.0850 zone in the coming days. Any more gains could set the pace for a move toward the $0.088 level.

Are Dips Supported in TRX?

If TRX price fails to clear the $0.0750 resistance, it could correct lower. Initial support on the downside is near the $0.0730 zone and the trend line.

The next major support is near the $0.0715 level or the 100 simple moving average (4 hours). The main support is $0.0690, below which there is a risk of a move toward the $0.0650 support.

Technical Indicators

The MACD for TRX/USD is gaining momentum in the bullish zone over 4 hours. The RSI for TRX/USD is currently above the 50 level.

Major Support Levels – $0.0732, $0.0715, and $0.0690.

Major Resistance Levels – $0.0750, $0.080, and $0.085.