Tron Price Prediction: TRX Extends Rally As Bulls Eye $0.08

2023-05-22 05:59:00

Tron price is up over 5% and gaining pace above $0.072 against the US Dollar. TRX outperformed Bitcoin and could rise further toward $0.080.

Tron is trading in a positive zone 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).
There is a major bullish trend line forming with support near $0.0728 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
The pair is likely to continue higher if it clears the $0.0765 resistance level.

Tron Price Rallies 5%

In the past few sessions, Tron’s price gained pace above the $0.0700 level against the US Dollar, outperforming Bitcoin and Ethereum. TRX broke many hurdles near the $0.072 resistance and the 100 simple moving average (4 hours).

The price traded close to the $0.0780 resistance. A high is formed near $0.0768 and the price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $0.0668 swing low to the $0.0768 high. It is now trading above $0.072 and the 100 simple moving average (4 hours).

There is also a major bullish trend line forming with support near $0.0728 on the 4-hour chart of the TRX/USD pair. On the upside, an initial resistance is near the $0.0750 zone.

Source: TRXUSD on TradingView.com

A close above the $0.0750 resistance might send TRX further higher. The next major resistance is near the $0.0768 level, above which the bulls are likely to aim a larger increase toward the key $0.0800 zone in the coming sessions. Any more gains could set the pace for a move toward the $0.082 level.

Dips Likely to be Limited in TRX

If TRX price fails to clear the $0.0768 barrier, it could correct lower. Initial support on the downside is near the $0.0728 zone and the trend line.

The next major support is near the $0.0720 level or the 50% Fib retracement level of the upward move from the $0.0668 swing low to the $0.0768 high. The main support is $0.0700, below which there is a risk of a move toward the $0.0668 support.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 65 level.

Major Support Levels – $0.0728, $0.0720, and $0.0700.

Major Resistance Levels – $0.0750, $0.0768, and $0.080.

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