9 months ago
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Tron price is gaining pace above the $0.120 resistance against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.140.
Tron is moving higher above the $0.122 resistance level against the US dollar. The price is trading above $0.1350 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support at $0.1382 on the 4-hour chart of the TRX/USD pair (data source from Kraken). The pair could continue to climb higher toward $0.165 or even $0.180.Tron Price Regains Strength
Recently, Bitcoin and Ethereum saw a decent increase and moved into a positive zone. Tron price also remained well-bid and it slowly moved higher above the $0.120 resistance zone.
There was a steady increase above the $0.128 and $0.132 resistance levels. Finally, TRX traded to a new multi-week high at $0.1400 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $0.1309 swing low to the $0.1400 high.
Tron price is now trading above $0.1350 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $0.1382 on the 4-hour chart of the TRX/USD pair.
Source: TRXUSD on TradingView.com
On the upside, an initial resistance is near the $0.1400 level. The first major resistance is near $0.1420, above which the price could accelerate higher. The next resistance is near $0.1650. A close above the $0.1650 resistance might send TRX further higher toward $0.1720. The next major resistance is near the $0.180 level, above which the bulls are likely to aim for a larger increase toward $0.20.
Are Dips Supported in TRX?
If TRX price fails to clear the $0.140 resistance, it could start a downside correction. Initial support on the downside is near the $0.1380 zone and the trend line.
The first major support is near the $0.1350 level or the 50% Fib retracement level of the upward move from the $0.1309 swing low to the $0.1400 high, below which it could test $0.1320. Any more losses might send Tron toward the $0.1250 support in the coming sessions.
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 – $0.1380, $0.1350, and $0.1320.
Major Resistance Levels – $0.140, $0.1650, and $0.180.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
