Tron price is rising above the $0.120 resistance level against the US dollar. TRX outperforms Bitcoin and could rise further above $0.140.
- Tron is rising 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).
- On the 4-hours chart of the TRX/USD pair, there is a major bullish trendline forming around support at $0.1382 (data source from Kraken).
- The pair may continue to rise to $0.165 or even $0.180.
Tron price is showing strength again.
Recently, Bitcoin and Ethereum have seen significant increases and moved into positive territory. Tron price also maintained good bids and slowly rose 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 of $0.1400 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level, rising from the $0.1309 swing low to the $0.1400 high.
Tron price is currently trading above $0.1350 and the 100 simple moving average (4-hours). There is also a major bullish trendline with support at $0.1382 on the 4-hours chart of the TRX/USD pair.
Source: TradingView.com TRXUSD
On the other hand, initial resistance is close to the $0.1400 level. The first major resistance is near $0.1420, above which the price may move higher. The next resistance is near $0.1650. A close above the $0.1650 resistance could push TRX higher towards $0.1720. The next major resistance is near the $0.180 level, above which the pair will likely target a bigger rally towards $0.20.
Are dips supported on TRX?
If TRX price fails to clear the $0.140 resistance, a downward correction may begin. Initial support on the downside is near the $0.1380 area and trendline.
The first major support is near the $0.1350 level or the 50% Fib retracement level of the rise from the $0.1309 swing low to the $0.1400 high, below which a test of $0.1320 is possible. Any more losses may result in Tron reaching $0.1250 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 – $0.1380, $0.1350 and $0.1320.
Key resistance levels – $0.140, $0.1650, $0.180.