Tron price is gaining pace above the USD 0.1150 resistance against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.1180.
- Tron is moving higher above the $0.1150 resistance level against the US dollar.
- The price is trading above USD 0.1155 and the 100-hour moving average.
- A major bullish trendline is forming with support at $0.1160 on the hourly chart of the TRX/USD pair (Kraken data source).
- The pair could rise further towards $0.1200 or even $0.1220.
Tron Price regains power
Recently, Bitcoin and Ethereum saw another decline below $68,500 and $3,750 respectively. However, Tron price held steady above the USD 0.1120 support and even climbed higher.
There was a decent move above the USD 0.1150 resistance zone. The TRX price overcame many hurdles and gained more than 3%. There was a move above the USD 0.1165 level. A high is formed at $0.1170 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.1102 swing low to the $0.1170 high.
Tron price is now trading above USD 0.1160 and the 100-hourly moving average. There is also a major bullish trendline forming with support at $0.1160 on the hourly chart of the TRX/USD pair.
On the upside, initial resistance is around the $0.1170 level. The first major resistance is near USD 0.1180, above which the price could accelerate higher. The next resistance is near USD 0.1200. A close above the USD 0.1200 resistance could send TRX further higher towards USD 0.1225. The next major resistance is near the USD 0.1320 level, above which bulls are likely to target a bigger move towards USD 0.150.
Are dips supported in TRX?
If TRX price fails to clear the USD 0.1200 resistance, it could initiate a downside correction. The initial downside support is near the $0.1160 zone.
The first major support is near the $0.1150 level or the 100 simple moving average (4-hours), below which $0.1140 could test. Any further losses could send Tron towards the $0.1136 support in the coming sessions.
Technical indicators
Hourly MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.
Major support levels – $0.1160, $0.1150 and $0.1136.
Major resistance levels – $0.1180, $0.1200 and $0.1220.