Key Takeaways:
- Tron price rallied over 10% and tested the $0.080 resistance.
- TRX is trading inside a declining channel or a bullish flag with resistance near $0.077 on the 4-hour chart.
- The price might correct lower, but downsides could be limited below $0.0750.
NEW DELHI (CoinChapter.com) — Tron price gained bullish momentum above $0.0750 and outperformed Bitcoin. TRX traded close to $0.080 and is currently consolidating gains.
Tron’s TRX Outperformed Bitcoin
After forming a base above the $0.0680 level, Tron’s price increased against the US Dollar. Finally, TRX broke many hurdles near $0.0715 and $0.0720 to move into a positive zone.
The bulls pumped the price above the $0.0750 resistance. This week, it gained over 10% and outperformed Bitcoin and Ethereum. A high is near $0.0797, and the price is now correcting gains.
There was a minor move below the $0.0780 support. The price is now trading inside a declining channel or a bullish flag with resistance near $0.077 on the 4-hour chart.
TRX trades well above the $0.0750 pivot level and the 50 simple moving average (blue, 4 hours). Immediate resistance is near the channel trend line at $0.0780. The next major resistance is near the $0.0795 level.
The main resistance sits near $0.080. A clear move above the $0.080 resistance zone could increase the price toward the $0.0835 resistance zone. If the bulls pump Tron above the $0.0835 resistance, there could be a move toward $0.0850. Any more gains might set the pace for a test of $0.095.
Downside Correction?
With no upside break, the TRX price might extend its downside correction. Initial support is near the $0.0765 level or the 23.6% Fib retracement level of the upward move from the $0.0668 swing low to the $0.0797 high.
The first major support is near the $0.075 level and the 50 simple moving average (blue, 4 hours). It is close to the 50% Fib retracement level of the upward move from the $0.0668 swing low to the $0.0797 high.
A close below $0.0750 may perhaps start a strong decline. In the stated case, the price might test the $0.0715 support. Any more losses could open the doors for a move toward the $0.070 level.
Overall, Tron’s price is showing positive signs above $0.0750. If the bulls clear the $0.080 barrier, the price could rally toward the $0.085 level or even $0.090. Conversely, downside correction might be toward $0.075 or $0.074.
