Tron price is gaining pace above the USD 0.120 resistance against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.140.
- Tron is moving higher above the $0.122 resistance level against the US dollar.
- The price is trading above USD 0.1350 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support at $0.1382 on the 4-hour chart of the TRX/USD pair (Kraken data source).
- The pair could rise further towards $0.165 or even $0.180.
Tron Price regains power
Recently, Bitcoin and Ethereum saw quite a rise and entered a positive zone. Tron price also remained well bid and slowly moved higher above the USD 0.120 resistance zone.
There was a steady rise above the USD 0.128 and USD 0.132 resistance levels. Finally, TRX traded to a new multi-week high at $0.1400 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $0.1309 swing low to the $0.1400 high.
Tron price is now trading above USD 0.1350 and the 100 simple moving average (4 hours). There is also a major bullish trendline forming with support at $0.1382 on the 4-hour chart of the TRX/USD pair.
Source: TRXUSD on TradingView.com
On the upside, initial resistance is around the $0.1400 level. The first major resistance is near USD 0.1420, above which the price could accelerate higher. The next resistance is near $0.1650. A close above the USD 0.1650 resistance could send TRX further up towards USD 0.1720. The next major resistance is near the USD 0.180 level, above which bulls are likely to target a bigger move towards USD 0.20.
Are dips supported in TRX?
If TRX price fails to clear the USD 0.140 resistance, a downside correction could occur. The initial downside support is near the $0.1380 zone and the trendline.
The first major support is near the $0.1350 level or the 50% Fib retracement level of the upward move from the $0.1309 swing low to the $0.1400 high, below which it could test $0.1320. Any further losses could send Tron towards the $0.1250 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 – $0.1380, $0.1350 and $0.1320.
Major resistance levels – $0.140, $0.1650 and $0.180.