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Home»EXCHANGE NEWS»TRX could surpass Bitcoin and surge by 10%.
EXCHANGE NEWS

TRX could surpass Bitcoin and surge by 10%.

By Crypto FlexsJanuary 6, 20243 Mins Read
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TRX could surpass Bitcoin and surge by 10%.
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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.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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