21 February 2024
Tron price is gaining pace above the $0.120 resistance against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.140.
Tron is moving higher above the $0.122 resistance level against the US dollar.
The price is trading above $0.1350 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support at $0.1382 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
The pair could continue to climb higher toward $0.165 or even $0.180.
Tron Price Regains Strength
Recently, Bitcoin and Ethereum saw a decent increase and moved into a positive zone. Tron price also remained well-bid and it slowly moved higher above the $0.120 resistance zone.
There was a steady increase above the $0.128 and $0.132 resistance levels. Finally, TRX traded to a new multi-week high at $0.1400 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $0.1309 swing low to the $0.1400 high.
Tron price is now trading above $0.1350 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $0.1382 on the 4-hour chart of the TRX/USD pair.
Source: TRXUSD on TradingView.com
On the upside, an initial resistance is near the $0.1400 level. The first major resistance is near $0.1420, above which the price could accelerate higher. The next resistance is near $0.1650. A close above the $0.1650 resistance might send TRX further higher toward $0.1720. The next major resistance is near the $0.180 level, above which the bulls are likely to aim for a larger increase toward $0.20.
Are Dips Supported in TRX?
If TRX price fails to clear the $0.140 resistance, it could start a downside correction. Initial support on the downside is near the $0.1380 zone and the trend line.
The first major support is near the $0.1350 level or the 50% Fib retracement level of the upward move from the $0.1309 swing low to the $0.1400 high, below which it could test $0.1320. Any more losses might send Tron toward the $0.1250 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 – $0.1380, $0.1350, and $0.1320.
Major Resistance Levels – $0.140, $0.1650, and $0.180.