Tron price is rising from the $0.1250 zone against the US Dollar. TRX is outperforming Bitcoin and could continue to rise above the $0.1320 level.
Tron is rising higher above the $0.1280 resistance against the US Dollar. The price is currently trading above $0.130 and the 100 hourly simple moving average. There is a major bullish trend line forming with support at $0.1305 on the hourly chart of the TRX/USD pair (data feed from Kraken). The pair could continue to climb higher towards $0.1335 or even $0.1350.
Tron Price Is Heading To Higher Levels
Recently, Bitcoin and Ethereum saw fresh declines below $60,000 and $2,700 respectively. However, Tron price remained stable above the $0.1250 support and climbed higher.
There was a significant move above the $0.1300 resistance area. TRX price even tested the $0.1315 level. A high was formed at $0.1314 and the price is showing signs of further upside. Additionally, there is a major bullish trend line forming with support at $0.1305 on the hourly chart of the TRX/USD pair.
This trend line is close to the 23.6% Fib retracement level of the upward move from the $0.1256 low to $0.1314 high. Currently, the price is trading above $0.1300 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $0.1320 level.
The first major resistance is near $0.1332, above which the price could increase further. The next resistance is near $0.1350. If the price closes above the $0.1350 resistance, TRX could climb higher towards $0.1400. The next major resistance is near $0.1420, above which bullish investors could aim for a larger increase towards $0.1450 in the short term.
Are Bears Supported In TRX?
If TRX price fails to clear the $0.1320 resistance, it could start a downside correction. The initial support on the downside is near the $0.1300 zone and the trend line.
The first major support is near the $0.1285 level or the 50% Fib retracement level of the upward move from the $0.1256 low to $0.1314 high, below which the price could test the $0.1280 level. 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.