Tron price is holding gains above the USD 0.1050 support against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.1105.
- Tron is moving higher above the $0.1050 resistance level against the US dollar.
- The price is trading above USD 0.1065 and the 100 simple moving average (4 hours).
- A major ascending channel is forming with support at $0.1052 on the 4-hour chart of the TRX/USD pair (Kraken data source).
- The pair could rise further towards $0.1105 or even $0.1200.
Tron Price regains power
Recently, Bitcoin and Ethereum saw a big drop below $43,500 and $2,200. However, Tron price remained steady above the $0.1000 support. TRX formed a base above USD 0.1020 and started a new increase.
There was a move above the USD 0.1050 and USD 0.1055 resistance levels. The bulls pushed it above the 50% Fib retracement level of the downward move from the $0.1059 swing high to the $0.1028 low. TRX is now trading above $0.1065 and the 100 simple moving average (4 hours).
A key ascending channel is also forming with support at $0.1052 on the 4-hour chart of the TRX/USD pair. Current price action suggests more upside.
On the upside, initial resistance is around the $0.1088 level. It is close to 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 USD 0.1105, above which the price could accelerate higher.
Source: TRXUSD on TradingView.com
The next resistance is near $0.1150. A close above the USD 0.1150 resistance could send TRX further up towards USD 0.1200. The next major resistance is near the $0.1124 level, above which bulls are likely to target a bigger move towards $0.1320.
Are dips limited in TRX?
If TRX price fails to clear the USD 0.1105 resistance, a downside correction could occur. The initial downside support is near the $0.1065 zone.
The first major support is near the $0.1050 level or the trendline, below which $0.1020 could test. Any further losses could send Tron towards the $0.0975 support in the coming sessions.
Technical indicators
4-hour MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.
Major support levels – $0.1065, $0.1050 and $0.0975.
Major resistance levels – $0.1088, $0.1105 and $0.1150.
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