Tron price maintains an upward trend above the $0.1050 support level against the US dollar. TRX is outperforming Bitcoin and could rise further above $0.1105.
- Tron is rising above the $0.1050 resistance level against the US dollar.
- The price is trading above $0.1065 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the TRX/USD pair, there is a major ascending channel forming with support at $0.1052 (data source from Kraken).
- The pair may continue to rise towards $0.1105 or even $0.1200.
Tron price is showing strength again.
Recently, Bitcoin and Ethereum have fallen significantly below $43,500 and $2,200. However, Tron price remained stable above the $0.1000 support line. TRX formed a base above $0.1020 and started a new increase.
There was movement above the $0.1050 and $0.1055 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $0.1059 swing high to the $0.1028 low. TRX is currently trading at $0.1065 and above the 100 simple moving average (4-hours).
There is also a major ascending channel with support at $0.1052 on the 4-hours chart of the TRX/USD pair. Current price action suggests further upside.
On the positive side, initial resistance is near the $0.1088 level. This is near the 76.4% Fib retracement level of the downward move from the $0.1059 swing high to the $0.1028 low. The first major resistance is near $0.1105, above which the price may move higher.
Source: TradingView.com TRXUSD
The next resistance is near $0.1150. A close above the $0.1150 resistance could push TRX higher towards $0.1200. The next major resistance is near the $0.1124 level, above which the pair is likely to target a bigger rise towards $0.1320.
Are Dips limited on TRX?
If TRX price fails to clear the $0.1105 resistance, a downward correction may begin. Initial support on the downside is near the $0.1065 area.
The first major support is near the $0.1050 level or trendline, below which $0.1020 may be tested. Any more losses may result in Tron reaching $0.0975 support in the next session.
technical indicators
4-Hour MACD – The MACD for TRX/USD is gaining momentum in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.
Key support levels – $0.1065, $0.1050 and $0.0975.
Key resistance levels – $0.1088, $0.1105, $0.1150.
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