Tron price is rising from the $0.1300 zone against the US Dollar. TRX is outperforming Bitcoin and c
Tron price is rising from the $0.1300 zone against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.1350.
Tron Price Eyes Fresh Increase
Recently, Bitcoin and Ethereum saw a fresh decline below $66,500 and $3,500 respectively. However, Tron price remained stable above the $0.1300 support and climbed higher.
There was a decent move above the $0.1320 resistance zone. TRX price cleared the 50% Fib retracement level of the downward move from the $0.1371 swing high to the $0.1311 low. The price is now trading above $0.1320 and the 100-hourly simple moving average.
There is also a key bullish trend line forming with support at $0.1330 on the hourly chart of the TRX/USD pair. The pair is signaling more upsides unless there is a move below $0.1320. On the upside, an initial resistance is near the $0.1350 level or the 61.8% Fib retracement level of the downward move from the $0.1371 swing high to the $0.1311 low.
The first major resistance is near $0.1358, above which the price could accelerate higher. The next resistance is near $0.1380. A close above the $0.1380 resistance might send TRX further higher toward $0.1400. The next major resistance is near the $0.1420 level, above which the bulls are likely to aim for a larger increase toward $0.1450 in the near term.
Are Dips Supported in TRX?
If TRX price fails to clear the $0.1350 resistance, it could start a downside correction below the 100-hourly simple moving average. Initial support on the downside is near the $0.1335 zone.
The first major support is near the $0.1320 level, below which it could test $0.1310. Any more losses might send Tron toward the $0.1300 support in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.
Major Support Levels – $0.1355 and $0.1320.
Major Resistance Levels – $0.1350 and $0.1380.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
0.00