As a seasoned crypto investor with a keen interest in Tron (TRX), I’ve witnessed the price action unfold over the past few days. Bitcoin and Ethereum took a hit, dipping below their respective resistance levels of $68,500 and $3,750. However, TRX held its ground and even managed to surge above the $0.1150 resistance zone.
As a market analyst, I’ve noticed that Tron’s price has been making steady progress above the $0.1150 resistance level versus the US Dollar. Intriguingly, TRX is currently outperforming Bitcoin and could potentially continue climbing higher beyond $0.1180.
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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
Lately, Bitcoin dipped below the $68,500 mark, while Ethereum fell beneath $3,750. In contrast, Tron held firm above the $0.1120 line of support and even advanced further upwards.
As an analyst, I observed a significant price surge for TRX that broke through the resistance at $0.1150. The cryptocurrency overcame several obstacles and registered a gain of more than 3%. Subsequently, we witnessed the formation of a new high at $0.1170. Currently, the price action is stabilizing above the 23.6% Fibonacci retracement level derived from the upward trend initiated at the swing low of $0.1102 and peaking at $0.1170.
The current price of Tron is hovering above the $0.1160 mark and the 100-hour moving average on the chart for TRX/USD. Additionally, a significant bullish trend line is taking shape with a support level at $0.1160 on this same hourly chart.
With some optimism, an early hurdle for price advancement lies around $0.1170. Following this, a significant resistance level can be found at approximately $0.1180. Clearing this barrier could potentially ignite stronger upward momentum, pushing the price up to around $0.1200. A successful breach above this level might propel TRX further northwards towards $0.1225. The next substantial resistance lies at about $0.1320, surmounting which could instigate a more considerable uptrend targeting $0.150.
Are Dips Supported in TRX?
If TRX‘s price doesn’t manage to surpass the $0.1200 resistance level, there’s a chance for a price drop. The initial support lies around the $0.1160 area.
As an analyst, I would interpret the first significant support for Tron as being around the $0.1150 mark or the 4-hour simple moving average. A dip below this level could potentially lead to a test of the $0.1140 support. Any further declines might push Tron towards the $0.1136 support in the upcoming trading 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.
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2024-06-10 15:49