Cryptocurrency TRX is showing impressive signs over the past few days as its price is 5% up and trading beyond the $0.068 support against US Dollar. A major bearish trend line was formed near the $0.0692 level on the 4-hour chart of the TRX/USD pair. And this looks to be a major reason for the current bullish trend.

The price has now managed to break above the $0.070 resistance and the 100 simple moving average (4hours) level. This has opened the doors for more gains in the coming hours. The next major resistance is expected to be around the $0.0720 mark. If the bulls gain control, the price of cryptocurrency Tron could increase further towards $0.0750. Also, this could set the tone for a possible surge of TRX towards the $0.078 level.

On the other hand, in the case of a reversal in the near future, the initial support on the downside lies near the $0.069 zone and the trend line. The other main supports would be near the $0.0670 level and the 100 simple moving average (4 hours). The most crucial support would be at $0.0662, below which we could see a further decline in the value of the coin.

From a technical perspective, the Relative Strength Index (RSI) for TRX/USD is currently above the 50 level, portraying a bullish portrait. The 4 hour MACD for the pair is also gaining momentum in the bullish zone, suggesting better gains in the near future. As far as the major support and resistance levels go, they lie at $0.0690, $0.0670, and $0.0640 respectively, and $0.070, $0.072, and $0.075 respectively.

To conclude, it can be said that Tron’s price is charting impressive gains and showing positive signs against the US Dollar. The bullish trend has managed to break above the $0.070 resistance, cementing the crypto’s upsides. Considering the current market conditions, the bullish rally is expected to continue, with trading above the $0.075 mark being the aim.



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