Tron Price Prediction: TRX May Have Another Chance For A Bullish Streak

2023-10-16 05:42:23

Tron price is gaining pace above $0.0865 against the US Dollar. TRX is outperforming Bitcoin and could rise further toward $0.091.

Tron is moving higher above the $0.0865 resistance level against the US dollar.
The price is trading above $0.0870 and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $0.0850 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
The pair could continue to climb higher toward $0.0885 or even $0.091.

Tron Price Aims Higher

After facing a rejection near $0.0910, Tron price started a downside correction. TRX declined below the $0.088 and $0.0865 support levels. Finally, it found support near the $0.0850 zone.

A low was formed near $0.0847 and the price is now rising. It broke a couple of hurdles near the $0.0850 level. There was a break above a key bearish trend line with resistance near $0.0850 on the 4-hour chart of the TRX/USD pair.

The pair is up over 2% and outperforming Bitcoin and Ethereum. It also cleared the 23.6% Fib retracement level of the downward move from the $0.0910 swing high to the $0.0847 low.

TRX price is now trading above $0.0870 and the 100 simple moving average (4 hours). On the upside, an initial resistance is near the $0.0875 level and the 100 simple moving average (4 hours). The first major resistance is near $0.0880 or the 50% Fib retracement level of the downward move from the $0.0910 swing high to the $0.0847 low, above which the price could accelerate higher.

Source: TRXUSD on TradingView.com

The next resistance is near $0.091. A close above the $0.091 resistance might send TRX further higher toward $0.095. The next major resistance is near the $0.098 level, above which the bulls are likely to aim for a larger increase toward $0.100.

Fresh Decline in TRX?

If TRX price fails to clear the $0.0875 resistance, it could start a downside correction. Initial support on the downside is near the $0.0862 zone.

The first major support is near the $0.0850 level, below which it could test $0.0847. Any more losses might send Tron toward the $0.0830 support in the coming sessions.

Technical Indicators

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 – $0.0862, $0.0850, and $0.0830.

Major Resistance Levels – $0.0875, $0.0880, and $0.0910.

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