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Home»EXCHANGE NEWS»Tron Price (TRX) Soars: Leading the Altcoin Pack
EXCHANGE NEWS

Tron Price (TRX) Soars: Leading the Altcoin Pack

By Crypto FlexsJune 10, 20242 Mins Read
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Tron Price (TRX) Soars: Leading the Altcoin Pack
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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.

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