1 February 2024
Tron price is eyeing a fresh increase from 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 $0.1120 resistance level against the US dollar.
The price is trading above $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 (data source from Kraken).
The pair could continue to climb higher toward $0.1165 or even $0.1200.
Tron Price Restarts Increase
Recently, Bitcoin and Ethereum saw a major rejection. However, Tron price remained stable above the $0.1100 support. Earlier, there was a steady increase toward the $0.1165 level before TRX started a downside correction.
There was a move below the $0.1150 level. The price declined 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 $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, an initial resistance is near the $0.1140 level. The first major resistance is near $0.1150, above which the price could accelerate higher. The next resistance is near $0.1165. A close above the $0.1165 resistance might send TRX further higher toward $0.1200. The next major resistance is near the $0.1125 level, above which the bulls are likely to aim for a larger increase toward $0.1300.
Are Dips Supported in TRX?
If TRX price fails to clear the $0.1140 resistance, it could start a downside correction. Initial support on the downside 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 more losses might send Tron toward the $0.1050 support in the coming sessions.
Technical Indicators
4 hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.
4 hours 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.