30 August 2024
Tron price is holding gains above the $0.1550 zone against the US Dollar. TRX is outperforming Bitcoin and could start a fresh increase above $0.1620.
Tron is stable and holding gains above $0.1550 against the US dollar.
The price is trading below $0.1620 and the 100-hourly simple moving average.
There is a key rising channel forming with support at $0.1595 on the hourly chart of the TRX/USD pair (data source from Kraken).
The pair could continue to climb higher toward $0.1620 or even $0.1650.
Tron Price Eyes Fresh Increase
Recently, Bitcoin and Ethereum saw a fresh decline below $60,000 and $2,650 respectively. However, Tron price remained stable above the $0.1550 support.
A low was formed near $0.1554 and the price started a decent upward move. There was a move above the $0.1585 resistance level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1688 swing high to the $0.1554 low.
However, the bears seem to be active near the $0.1620 level. TRX price is now trading below $0.1620 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $0.1595 on the hourly chart of the TRX/USD pair.
On the upside, an initial resistance is near the $0.1610 level. The first major resistance is near $0.1620, above which the price could accelerate higher. The next resistance is near $0.1650 or the 76.4% Fib retracement level of the downward move from the $0.1688 swing high to the $0.1554 low.
A close above the $0.1650 resistance might send TRX further higher toward $0.1720. The next major resistance is near the $0.1740 level, above which the bulls are likely to aim for a larger increase toward $0.1850 in the near term.
Are Dips Supported in TRX?
If TRX price fails to clear the $0.1620 resistance, it could start a downside correction. Initial support on the downside is near the $0.1595 zone and the channel’s trend line.
The first major support is near the $0.1575, below which it could test $0.1550. Any more losses might send Tron toward the $0.1520 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 – $0.1550 and $0.1520.
Major Resistance Levels – $0.1620 and $0.1650.