As a seasoned crypto investor with several years of experience under my belt, I have seen my fair share of market volatility and price movements. Recently, I’ve been closely watching Tron (TRX) as it has shown remarkable resilience amidst the broader market downturn.
The price of Tron is climbing from the $0.1300 mark versus the US Dollar. Tron is currently performing better than Bitcoin and has the potential to move past $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
Lately, the prices of Bitcoin and Ethereum dipped again, dropping below $66,500 and $3,500 respectively. In contrast, Tron’s price held steady above the $0.1300 mark and even rose further.
The price of TRX made a notable advance past the $0.1320 resistance mark. It surpassed the 50% Fibonacci retracement threshold of the decline from its peak at $0.1371 to its low at $0.1311. Currently, TRX trades above $0.1320 and the 100-hour moving average.
An additional bullish trend line is emerging on the hourly chart for TRX/USD, providing support at $0.1330. The pair looks poised for further gains unless it drops below $0.1320. On the positive side, an initial resistance can be found around $0.1350 or the 61.8% Fibonacci retracement level of the price decline from its peak at $0.1371 to its low at $0.1311.
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‘s price doesn’t manage to surpass the $0.1350 resistance, there’s a possibility of a correction occurring, taking the price below the 100-hour moving average. The first support level is anticipated around the $0.1335 region.
The Tron price has a significant support point around $0.1320. If it falls below this level, it may dip further to test the $0.1310 mark. Should losses continue, the next support is anticipated at $0.1300 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 – $0.1355 and $0.1320.
Major Resistance Levels – $0.1350 and $0.1380.
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2024-07-24 08:28