Tron Price Prediction: TRX Regains Strength As The Bulls Aim $0.10September 8, 2023
Tron price is gaining pace above $0.0780 against the US Dollar. TRX is outperforming Bitcoin and could rally further above the $0.0800 resistance.
- Tron is moving higher above the $0.0750 pivot level against the US dollar.
- The price is trading above $0.078 and the 100 simple moving average (4 hours).
- There was a break above a major contracting triangle with resistance near $0.0770 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
- The pair could continue to climb higher toward $0.088 or even $0.10.
Tron Price Breaks Higher
In the last Tron price prediction, we discussed the chances of an upside break against the US Dollar. TRX remained well-bid and stable above the $0.0750 level.
It started a decent increase and broke a few key hurdles near $0.0775, outperforming Bitcoin. There was a break above a major contracting triangle with resistance near $0.0770 on the 4-hour chart of the TRX/USD pair. The pair even cleared the $0.0785 level.
A high is formed near $0.0793 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.0751 swing low to the $0.0793 high.
TRX is trading above $0.078 and the 100 simple moving average (4 hours). On the upside, an initial resistance is near the $0.0795 level. The first major resistance is near $0.080, above which the price could accelerate higher. The next resistance is near $0.088.
Source: TRXUSD on TradingView.com
A close above the $0.0880 resistance might send TRX further higher. The next major resistance is near the $0.095 level, above which the bulls are likely to aim a larger increase toward the key $0.10 zone in the coming days.
Are Dips Limited in TRX?
If TRX price fails to clear the $0.080 resistance, it could start a downside correction. Initial support on the downside is near the $0.0780 zone.
The first major support is near the $0.0770 level or the 50% Fib retracement level of the upward move from the $0.0751 swing low to the $0.0793 high, below which the price could accelerate lower. The next major support is $0.0750.
4 hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.
Major Support Levels – $0.0780, $0.0770, and $0.0750.
Major Resistance Levels – $0.080, $0.0880, and $0.100.
Source: Read Full Article