Tron price is rising from the $0.1250 zone against the US dollar. TRX is outperforming Bitcoin and could rise further above $0.1320.
- Tron is moving higher above the $0.1280 resistance level against the US dollar.
- The price is trading above USD 0.130 and the 100-hour moving average.
- A major bullish trendline is forming with support at $0.1305 on the hourly chart of the TRX/USD pair (Kraken data source).
- The pair could rise further towards $0.1335 or even $0.1350.
Tron Price has more positive aspects
Recently, Bitcoin and Ethereum saw another drop below $60,000 and $2,700 respectively. However, Tron price held steady above the USD 0.1250 support and climbed higher.
There was a decent move above the USD 0.1300 resistance zone. The TRX price even tested the USD 0.1315 level. A high is formed at $0.1314 and the price is showing signs of more upside. There is also a major bullish trendline forming with support at $0.1305 on the hourly chart of the TRX/USD pair.
The trendline is close to the 23.6% Fib retracement level of the upward move from the $0.1256 swing low to the $0.1314 high. The price is now trading above USD 0.1300 and the 100-hour moving average. On the upside, initial resistance is around the $0.1320 level
The first major resistance is near $0.1332, above which the price could accelerate higher. The next resistance is near $0.1350. A close above the USD 0.1350 resistance could send TRX further higher towards USD 0.1400. The next major resistance is near the $0.1420 level, above which bulls are likely to target a bigger move towards $0.1450 in the near term.
Are dips supported in TRX?
If TRX price fails to clear the USD 0.1320 resistance, a downside correction could occur. The initial downside support is near the $0.1300 zone and the trendline.
The first major support is near the $0.1285 level or the 50% Fib retracement level of the upward move from the $0.1256 swing low to the $0.1314 high, below which it could test $0.1280. Any further losses could send Tron towards the $0.1265 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 – $0.1300 and $0.1285.
Major resistance levels – $0.1320 and $0.1350.