Tron price is rising above the $0.1150 resistance level against the US dollar. TRX outperforms Bitcoin and could rise further above $0.1180.
- Tron is rising above the $0.1150 resistance level against the US dollar.
- The price is trading above $0.1155 and the 100-hour simple moving average.
- The hourly chart of the TRX/USD pair has a key bullish trendline with support at $0.1160 (data source from Kraken).
- The currency pair may continue to rise towards $0.1200 or even $0.1220.
Tron price is showing strength again.
Recently, Bitcoin and Ethereum showed new declines below $68,500 and $3,750, respectively. However, Tron price remained stable above the $0.1120 support and even rose further.
There was some decent movement above the $0.1150 resistance zone. TRX price cleared many hurdles and rose by more than 3%. There was a move above the $0.1165 level. A high was formed at $0.1170 and the price is now consolidating gains above the 23.6% Fib retracement level rising from the $0.1102 swing low to the $0.1170 high.
Tron price is currently trading above $0.1160 and the 100-hour simple moving average. On the hourly chart of the TRX/USD pair, there is also a major bullish trend line forming with support at $0.1160.
On the other hand, initial resistance is close to the $0.1170 level. The first major resistance is near $0.1180, above which the price may move higher. The next resistance is near $0.1200. A close above the $0.1200 resistance could push TRX higher towards $0.1225. The next major resistance is near the $0.1320 level, above which the pair will likely target a bigger rise towards $0.150.
Are dips supported on TRX?
If TRX price fails to clear the $0.1200 resistance, a downward correction may begin. Initial support on the downside is near the $0.1160 area.
The first major support is near the $0.1150 level or the 100 simple moving average (4-hours), below which $0.1140 may be tested. Any more losses could result in Tron reaching $0.1136 support in the next session.
technical indicators
Hourly MACD – MACD for TRX/USD is gaining momentum in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for TRX/USD is currently above the 50 level.
Key support levels – $0.1160, $0.1150 and $0.1136.
Key resistance levels – $0.1180, $0.1200, $0.1220.
Source: NewsBTC.com