Tron price is gaining pace above the $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 $0.1155 and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at $0.1160 on the hourly chart of the TRX/USD pair (data source from Kraken).
- The pair could continue to climb higher toward $0.1200 or even $0.1220.
Tron Price Regains Strength
Recently, Bitcoin and Ethereum saw a fresh decline below $68,500 and $3,750 respectively. However, Tron price remained stable above the $0.1120 support and even climbed higher.
There was a decent move above the $0.1150 resistance zone. TRX price cleared many hurdles and gained over 3%. There was a move above the $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 $0.1160 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.1160 on the hourly chart of the TRX/USD pair.
On the upside, an initial resistance is near the $0.1170 level. The first major resistance is near $0.1180, above which the price could accelerate higher. The next resistance is near $0.1200. A close above the $0.1200 resistance might send TRX further higher toward $0.1225. The next major resistance is near the $0.1320 level, above which the bulls are likely to aim for a larger increase toward $0.150.
Are Dips Supported in TRX?
If TRX price fails to clear the $0.1200 resistance, it could start a downside correction. Initial support on the downside 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 it could test $0.1140. Any more losses might send Tron toward 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.
