Tron Price (TRX) Surges Ahead: Leading the Altcoins Pack

Aayush Jindal

1 year ago

2 mins read

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Tron price is gaining pace above the $0.1150 resistance against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.1180.

Tron is moving higher above the $0.1150 resistance level against the US dollar.
The price is trading above $0.1155 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.1160 on the hourly chart of the TRX/USD pair (data source from Kraken).
The pair could continue to climb higher toward $0.1200 or even $0.1220.

Tron Price Regains Strength

Recently, Bitcoin and Ethereum saw a fresh decline below $68,500 and $3,750 respectively. However, Tron price remained stable above the $0.1120 support and even climbed higher.

There was a decent move above the $0.1150 resistance zone. TRX price cleared many hurdles and gained over 3%. There was a move above the $0.1165 level. A high is formed at $0.1170 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.1102 swing low to the $0.1170 high.

Tron price is now trading above $0.1160 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.1160 on the hourly chart of the TRX/USD pair.

Tron Price (TRX) — Source: TRXUSD on TradingView.com

On the upside, an initial resistance is near the $0.1170 level. The first major resistance is near $0.1180, above which the price could accelerate higher. The next resistance is near $0.1200. A close above the $0.1200 resistance might send TRX further higher toward $0.1225. The next major resistance is near the $0.1320 level, above which the bulls are likely to aim for a larger increase toward $0.150.

Are Dips Supported in TRX?

If TRX price fails to clear the $0.1200 resistance, it could start a downside correction. Initial support on the downside is near the $0.1160 zone.

The first major support is near the $0.1150 level or the 100 simple moving average (4 hours), below which it could test $0.1140. Any more losses might send Tron toward the $0.1136 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 – $0.1160, $0.1150, and $0.1136.

Major Resistance Levels – $0.1180, $0.1200, and $0.1220.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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