Tron Price Prediction: TRX Bulls Keeps Pushing, Why Rally Isn’t Over Yet

2023-09-29 05:36:43

Tron price is gaining pace above $0.0850 against the US Dollar. TRX is outperforming Bitcoin and could rise further toward $0.092.

Tron is moving higher above the $0.0850 resistance level against the US dollar.
The price is trading above $0.0862 and the 100 simple moving average (4 hours).
There is a major bullish trend line forming with support near $0.0855 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
The pair could continue to climb higher toward $0.092 or even $0.095.

Tron Price Regains Strength

In the last Tron price analysis, we discussed the chances of more gains in TRX against the US Dollar. TRX remained stable, outperformed Bitcoin, and traded above the $0.082 resistance level.

The bulls were able to pump the price above the $0.0825 and $0.0850 resistance levels. A high was formed near $0.0879 and the price is currently consolidating gains. The current price action suggests that the price could climb further higher above $0.088.

It is now trading well above the 23.6% Fib retracement level of the upward move from the $0.0820 swing low to the $0.0879 high. TRX is also trading above $0.0865 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.0855 on the 4-hour chart of the TRX/USD pair.

On the upside, an initial resistance is near the $0.088 level. The first major resistance is near $0.0920, above which the price could accelerate higher. The next resistance is near $0.095.

Source: TRXUSD on TradingView.com

A close above the $0.095 resistance might send TRX further higher toward $0.10. The next major resistance is near the $0.105 level, above which the bulls are likely to aim for a larger increase toward $0.112.

Are Dips Limited in TRX?

If TRX price fails to clear the $0.088 resistance, it could start a downside correction. Initial support on the downside is near the $0.0867 zone. The first major support is near the $0.0855 level or the trend line.

The trend line is near the 50% Fib retracement level of the upward move from the $0.0820 swing low to the $0.0879 high, below which it could test the 100 simple moving average (4 hours). The next major support is $0.0830.

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 – $0.0867, $0.0855, and $0.0830.

Major Resistance Levels – $0.0880, $0.0920, and $0.0950.

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