Tron price is gaining pace above the USD 0.1220 resistance against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.1250.
- Tron is moving higher above the $0.120 resistance level against the US dollar.
- The price is trading above USD 0.1220 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trendline with resistance at $0.120 on the 4-hour chart of the TRX/USD pair (Kraken data source).
- The pair could rise further towards $0.1275 or even $0.1320.
Tron Price regains power
Recently, Bitcoin and Ethereum saw another decline below $63,500 and $3,100 respectively. However, Tron price held steady above the USD 0.1180 support and even climbed higher.
There was a decent move above the USD 0.120 resistance zone. TRX price has reached the 50% Fib retracement level of the downward move from the $0.1239 swing high to the $0.1181 low. Additionally, there was a break above a key bearish trendline with resistance at $0.120 on the 4-hour chart of the TRX/USD pair.
Tron price is now trading above USD 0.1220 and the 100 simple moving average (4 hours). On the upside, initial resistance is around the USD 0.1250 level.
Source: TRXUSD on TradingView.com
The first major resistance is near $0.1275 or the 1.618 Fib extension level of the downward move from the $0.1239 swing high to the $0.1181 low, above which the price could accelerate higher. The next resistance is near $0.1320. A close above the resistance at $0.1320 could send TRX further higher towards $0.1365. The next major resistance is near the USD 0.140 level, above which bulls are likely to target a bigger move towards USD 0.150.
Are dips supported in TRX?
If TRX price fails to clear the USD 0.1250 resistance, a downside correction could occur. The initial downside support is near the $0.1220 zone.
The first major support is near the $0.1195 level or the 100 simple moving average (4-hours), below which $0.1180 could test. Any further losses could send Tron towards the $0.1150 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 – $0.1220, $0.1195 and $0.1180.
Major resistance levels – $0.1250, $0.1275 and $0.1320.