Tron price is consolidating near the $0.080 support against the US Dollar. TRX could outperform Bitcoin if the bulls stay active above $0.080.
Tron is holding major support near $0.080 against the US dollar.
Tron’s price is trading above $0.0805 and the 100 simple moving average (4 hours).
There is a crucial bullish trend line forming with support near $0.0810 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
The pair could start a decent increase if there is a move above the $0.0835 resistance.
Tron Price Holds Key Support
In the past few days, Tron’s price saw a steady decline from the $0.094 zone against the US Dollar, similar to Bitcoin and Ethereum. TRX traded below the $0.0850 support to enter a short-term bearish zone.
Tron’s price even declined below the $0.0835 support, but the bulls were active near the $0.080 level. A low is formed near $0.0804 and the price is now consolidating losses. TRX is now trading above $0.0805 and the 100 simple moving average (4 hours).
There is also a crucial bullish trend line forming with support near $0.0810 on the 4-hour chart of the TRX/USD pair. On the upside, an initial resistance is near the $0.0835 zone. It is close to the 23.6% Fib retracement level of the downward move from the $0.0939 swing high to the $0.0804 low.
Source: TRXUSD on TradingView.com
A close above the $0.0835 resistance might send TRX further higher. The next major resistance is near the $0.0872 level or the 50% Fib retracement level of the downward move from the $0.0939 swing high to the $0.0804 low, above which the bulls are likely to aim a larger increase toward the key $0.0900 zone in the coming days. Any more gains could set the pace for a move toward the $0.094 level.
More Downsides in TRX?
If TRX’s price fails to clear the $0.08350 resistance, it could extend its decline. Initial support on the downside is near the $0.0810 zone and the trend line.
The first major support is near the $0.080 level or the 100 simple moving average (4 hours), below which the price could accelerate lower. The next major support is $0.0760.
4 hours MACD – The MACD for TRX/USD is losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently near the 50 level.
Major Support Levels – $0.0810, $0.0800, and $0.0760.
Major Resistance Levels – $0.0835, $0.0872, and $0.090.