Tron Price Prediction: TRX Eyes Bullish Break While Bitcoin and ETH Struggle

2023-09-01 05:10:58

Tron price is rising and trading above $0.0750 against the US Dollar. TRX is outperforming Bitcoin and could rally further above the $0.0780 resistance.

Tron is moving higher from the $0.0738 support zone against the US dollar.
The price is trading above $0.0750 and the 100 simple moving average (4 hours).
There is a crucial contracting triangle forming with resistance near $0.0775 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
The pair could continue to climb higher if it breaks $0.0775 and $0.0780.

Tron Price Remains Supported

This past week, Tron’s price saw a rejection pattern near the $0.0780 resistance against the US Dollar. TRX made a couple of attempts to clear $0.0775 and $0.0780 but failed.

There was a downside correction below the $0.0765 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.0713 swing low to the $0.0778 high. However, the bulls were active near the $0.0750 support.

TRX stayed above the 50% Fib retracement level of the upward move from the $0.0713 swing low to the $0.0778 high. The price is now trading above $0.0750 and the 100 simple moving average (4 hours).

It is showing positive signs and outperforming both Bitcoin and Ethereum. On the upside, an initial resistance is near the $0.0775 level. Besides, there is a crucial contracting triangle forming with resistance near $0.0775 on the 4-hour chart of the TRX/USD pair.

Source: TRXUSD on TradingView.com

The first major resistance is near $0.0780, above which the price could start a fresh increase. The next resistance is near $0.080. A close above the $0.0800 resistance might send TRX further higher. The next major resistance is near the $0.0832 level, above which the bulls are likely to aim a larger increase toward the key $0.0880 zone in the coming days.

Are Dips Supported in TRX?

If TRX price fails to clear the $0.0780 resistance, it could start a downside correction. Initial support on the downside is near the $0.0760 zone and the 100 SMA.

The first major support is near the $0.0750 level, below which the price could accelerate lower. The next major support is $0.0715.

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 – $0.0760, $0.0750, and $0.0715.

Major Resistance Levels – $0.0780, $0.0800, and $0.0832.

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