The Tron price is expecting a fresh rise against the $0.1112 support against the US dollar. TRX is outperforming Bitcoin and could rise further above $0.1140.
- Tron is moving higher above the resistance level at $0.1120 against the US dollar.
- The price is trading above USD 0.1125 and the 100 simple moving average (4 hours).
- There was a break above a key contracting triangle with resistance at $0.1126 on the 4-hour chart of the TRX/USD pair (Kraken data source).
- The pair could rise further towards $0.1165 or even $0.1200.
Tron price starts increasing again
Recently, Bitcoin and Ethereum saw a major rejection. However, Tron price remained steady above the USD 0.1100 support. Previously, there was a steady rise towards the $0.1165 level before TRX started a downward correction.
There was a move below the USD 0.1150 level. The price fell below the 23.6% Fib retracement level of the upward move from the $0.1059 swing low to the $0.1165 high. The bulls are now protecting the $0.1125 support zone and the 100 simple moving average (4-hours).
Tron is now moving higher and trading above USD 0.1120. There was a break above a key contracting triangle with resistance at $0.1126 on the 4-hour chart of the TRX/USD pair.
Source: TRXUSD on TradingView.com
On the upside, initial resistance is around the $0.1140 level. The first major resistance is near USD 0.1150, above which the price could accelerate higher. The next resistance is near $0.1165. A close above the resistance at $0.1165 could send TRX further up towards $0.1200. The next major resistance is near the $0.1125 level, above which bulls are likely to target a bigger move towards $0.1300.
Are dips supported in TRX?
If TRX price fails to clear the USD 0.1140 resistance, a downside correction could occur. The initial downside support is near the $0.1120 zone.
The first major support is near the $0.1100 level or the 50% Fib retracement level of the upward move from the $0.1059 swing low to the $0.1165 high, below which it could test $0.1085. Any further losses could send Tron towards the $0.1050 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 – $0.1100, $0.1085 and $0.1050.
Major resistance levels – $0.1140, $0.1165 and $0.1200.
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