Tron price is aiming for a new rise from the $0.1112 support against the US dollar. TRX may outperform Bitcoin and rise further above $0.1140.
- Tron is rising above the $0.1120 resistance level against the US dollar.
- The price is trading above $0.1125 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 contraction triangle with resistance at $0.1126.
- The pair may continue to rise to $0.1165 or even $0.1200.
Tron price increases again
Bitcoin and Ethereum have recently suffered major rejections. However, Tron price remained stable above the $0.1100 support. Previously, TRX was steadily increasing towards the $0.1165 level before starting a downward correction.
There was movement below the $0.1150 level. The price fell below the 23.6% Fib retracement level, rising from the $0.1059 swing low to the $0.1165 high. Bulls are now protecting the $0.1125 support area and the 100 simple moving average (4-hours).
Tron is currently rising above $0.1120. On the 4-hours chart of the TRX/USD pair, a breakout occurred above the main contraction triangle with resistance at $0.1126.
Source: TradingView.com TRXUSD
On the other hand, initial resistance is close to the $0.1140 level. The first major resistance is near $0.1150, above which the price may move higher. The next resistance is near $0.1165. A close above the $0.1165 resistance could push TRX higher towards $0.1200. The next major resistance is near the $0.1125 level, above which the pair is likely to target a bigger rise towards $0.1300.
Are dips supported on TRX?
If TRX price fails to clear the $0.1140 resistance, a downward correction may begin. Initial support on the downside is near the $0.1120 area.
The first major support is near the $0.1100 level or the 50% Fib retracement level of the rise from the $0.1059 swing low to the $0.1165 high, below which $0.1085 may be tested. Any more losses could result in Tron reaching $0.1050 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 – $0.1100, $0.1085 and $0.1050.
Key resistance levels – $0.1140, $0.1165 and $0.1200.
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