Key Takeaways:
- Tron price is showing bullish signs above the $0.080 support.
- TRX is following a key bullish trend line with support near $0.0825 on the daily chart.
- The price could rally over 15% if it clears the $0.085 resistance.
TRX Price Prediction | Photo by Traxer on Unsplash
New Delhi(CoinChapter.com): Tron price outperformed Bitcoin and remained in an uptrend above $0.0750. TRX is again rising and might rally if there is a close above $0.085.
Tron’s TRX Eyes More Upsides
In the past few days, Tron price outperformed Bitcoin and climbed above $0.080 against the US Dollar. TRX even rallied above $0.0850 and spiked above $0.094 on Bitfinex.
The price started a downside correction from the $0.0945 high. It traded below the $0.0850 pivot level. There was also a move below the 23.6% Fib retracement level of the upward move from the $0.0647 swing low to the $0.0945 high.
Tron price daily price chart | Source: TRX/USD on TradingView.com
However, the bulls are active above the $0.080 support. The price is now trading well above the $0.080 level and the 50-day simple moving average (blue).
TRX price is also following a key bullish trend line with support near $0.0825 on the daily chart. Immediate resistance is near the $0.0850 level. A close above the $0.0850 resistance might start a fresh rally.
The next major resistance is near the $0.090 level. A clear move above the $0.090 resistance zone could send the price higher toward the $0.0945 resistance zone. If the bulls manage to pump Tron above the $0.0945 resistance, there could be a move toward $0.0980. Any more gains might set the pace for a test of $0.100.
More Losses?
If there is no upside break, TRX price might correct further lower. Initial support is near the trend line and $0.0825. The first major support is near the $0.080 zone or the 50% Fib retracement level of the upward move from the $0.0647 swing low to the $0.0945 high.
A close below $0.080 may perhaps call for a test of the 50-day simple moving average (blue), below which the price might start a strong decline. In the stated case, the price might test the $0.070 support.
Overall, Tron price is showing positive signs above $0.080. If the bulls clear the $0.085 barrier, the price could rally toward the $0.090 level or even $0.0945. Conversely, there might be a downside correction toward $0.080 or $0.076.
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