Tron price is rising above the $0.1220 resistance level against the US dollar. TRX may outperform Bitcoin and rise further above $0.1250.
- Tron is rising above the $0.120 resistance level against the US dollar.
- The price is trading above $0.1220 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the TRX/USD pair (data source from Kraken), a breakout occurred above the main bearish trendline with resistance at $0.120.
- The pair may continue to rise to $0.1275 or even $0.1320.
Tron price is showing strength again.
Recently, Bitcoin and Ethereum saw new declines, falling below $63,500 and $3,100, respectively. However, Tron price remained stable above the $0.1180 support and even rose further.
There was some decent movement above the $0.120 resistance zone. TRX price cleared the 50% Fib retracement level of the downward move from the $0.1239 swing high to the $0.1181 low. Moreover, the TRX/USD pair broke the key bearish trend line at $0.120, which is the resistance level on the 4-hours chart.
Tron price is currently trading above $0.1220 and the 100 simple moving average (4-hours). On the other hand, initial resistance is close to the $0.1250 level.
Source: TradingView.com TRXUSD
The first major resistance is the 1.618 Fib extension level near $0.1275 or a downward move from the $0.1239 swing high to the $0.1181 low, above which the price may move higher. The next resistance is near $0.1320. A close above the $0.1320 resistance could push TRX higher towards $0.1365. The next major resistance is near the $0.140 level, above which the pair will likely target a bigger rally towards $0.150.
Are dips supported on TRX?
If TRX price fails to clear the $0.1250 resistance, a downward correction could begin. Initial support on the downside is near the $0.1220 area.
The first major support is near the $0.1195 level or the 100 simple moving average (4-hours), below which $0.1180 may be tested. Any more losses may result in Tron reaching $0.1150 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 – $0.1220, $0.1195 and $0.1180.
Key resistance levels – $0.1250, $0.1275 and $0.1320.