TRX price is gaining momentum and it traded above $0.0760 against the US Dollar. TRX is outperforming bitcoin and it could rally further towards the $0.0820 resistance.

Tron is trading higher against the US Dollar from the $0.0720 support area.

The price is trading above $0.0760 and the 100 simple moving average (4-hours).

There is a key bullish trend line forming with support near $0.0762 on the 4-hours chart of the TRX/USD pair (data source from Kraken).

The pair could continue to climb towards $0.080 and $0.0820.

Tron price starts a new round of growth

This past week, Tron price plunged sharply below the $0.0760 support against the US Dollar, similar to Bitcoin and Ethereum. TRX tested the $0.0715 area where the bulls had a foothold.

A low was formed near $0.0713 and the price started a fresh increase. There was a considerable gain above the $0.0740 and $0.0750 resistance levels. It even outperformed bitcoin in the past few sessions and broke the $0.0760 resistance level.

It is above the 76.4% Fib retracement level of the downside move from the $0.0775 swing high to $0.0713 low. TRX is currently trading above $0.0760 and the 100 simple moving average (4-hours).

There is also a key bullish trend line formed on the 4-hours chart of the TRX/USD pair with support near $0.0762. On the upside, an initial resistance is near the $0.0790 area. The first major resistance is near the $0.080 level, above which the price could move towards the $0.0820 resistance or the 1.618 Fib extension level of the downside move from the $0.0775 swing high to $0.0713 low.

A close above the $0.0820 resistance is likely to propel TRX higher. The next major resistance is near the $0.0850 level, above which the bulls are likely to target larger gains towards the key $0.0900 area in the coming days.

Is there a limit to how far TRX can fall?

If TRX price fails to clear the $0.080 resistance, it could start a downside correction. An initial support on the downside is near the $0.0760 area and the trend line.

The first major support is near the $0.0745 level, below which the price is likely to accelerate lower. The next major support is $0.0715.

Technical indicators

4 hours MACD – TRX/USD MACD 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 – $0.0760, $0.0745, and $0.0715.

Major Resistance Levels – $0.0790, $0.0800, and $0.0820.