24 July 2024
Tron price is rising from the $0.1300 zone against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.1350.
Tron is moving higher above the $0.1300 resistance level against the US dollar.
The price is trading above $0.1320 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.1330 on the hourly chart of the TRX/USD pair (data source from Kraken).
The pair could continue to climb higher toward $0.1380 or even $0.1420.
Tron Price Eyes Fresh Increase
Recently, Bitcoin and Ethereum saw a fresh decline below $66,500 and $3,500 respectively. However, Tron price remained stable above the $0.1300 support and climbed higher.
There was a decent move above the $0.1320 resistance zone. TRX price cleared the 50% Fib retracement level of the downward move from the $0.1371 swing high to the $0.1311 low. The price is now trading above $0.1320 and the 100-hourly simple moving average.
There is also a key bullish trend line forming with support at $0.1330 on the hourly chart of the TRX/USD pair. The pair is signaling more upsides unless there is a move below $0.1320. On the upside, an initial resistance is near the $0.1350 level or the 61.8% Fib retracement level of the downward move from the $0.1371 swing high to the $0.1311 low.
The first major resistance is near $0.1358, above which the price could accelerate higher. The next resistance is near $0.1380. A close above the $0.1380 resistance might send TRX further higher toward $0.1400. The next major resistance is near the $0.1420 level, above which the bulls are likely to aim for a larger increase toward $0.1450 in the near term.
Are Dips Supported in TRX?
If TRX price fails to clear the $0.1350 resistance, it could start a downside correction below the 100-hourly simple moving average. Initial support on the downside is near the $0.1335 zone.
The first major support is near the $0.1320 level, below which it could test $0.1310. Any more losses might send Tron toward the $0.1300 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 – $0.1355 and $0.1320.
Major Resistance Levels – $0.1350 and $0.1380.