Tron price rises from $0.1250 zone against US dollar. TRX outperforms Bitcoin and may rise above $0.1320.
- Tron is moving above the $0.1280 resistance level against the US Dollar.
- The price is trading above $0.130 and the 100-hour simple moving average.
- There is a key bullish trendline forming with support at $0.1305 on the hourly chart of TRX/USD (data source: Kraken).
- The pair may continue to rise to $0.1335 or even $0.1350.
Tron Price Sees More Upside Opportunities
Recently, Bitcoin and Ethereum showed a new drop below $60,000 and $2,700 respectively. However, Tron price remained stable above the $0.1250 support and rose.
There was a decent move above the $0.1300 resistance zone. TRX price even tested the $0.1315 level. The maximum was formed at $0.1314, and the price shows signs of further growth. Also, on the hourly chart of the TRX/USD pair, a key bullish trend line is forming with support at $0.1305.
The trendline is close to the 23.6% Fibonacci retracement level of the upward move from the swing low of $0.1256 to the high of $0.1314. The price is currently trading above $0.1300 and the 100-hour simple moving average. Above, initial resistance is near the $0.1320 level.
The first major resistance is around $0.1332, above which the price could accelerate higher. The next resistance is around $0.1350. A close above the $0.1350 resistance could send TRX higher towards $0.1400. The next major resistance is around $0.1420, above which the bulls are likely to target more gains towards $0.1450 in the near term.
Are dips supported in TRX?
If the TRX price fails to break the $0.1320 resistance, it could be the start of a downward correction. Initial support on the downside is near the $0.1300 zone and the trend line.
The first major support is around the $0.1285 level or the 50% Fib retracement level of the upside move from the $0.1256 swing low to $0.1314 high, below which it may test $0.1280. Any further losses could send Tron towards the $0.1265 support in the coming sessions.
Technical indicators
Hourly MACD – 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.
The main support levels are $0.1300 and $0.1285.
The main resistance levels are $0.1320 and $0.1350.
