As a seasoned analyst with over two decades of experience in the financial markets under my belt, I find myself consistently impressed by Tron’s resilience and growth potential. The current upward trend in Tron price is not only captivating but also reminiscent of a well-crafted bullish narrative.
The price of Tron is increasing, moving away from the $0.1250 range when compared to the U.S. dollar. In fact, Tron is performing better than Bitcoin and may continue to climb beyond $0.1320.
- Tron is moving higher above the $0.1280 resistance level against the US dollar.
The price is trading above $0.130 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.1305 on the hourly chart of the TRX/USD pair (data source from Kraken).
The pair could continue to climb higher toward $0.1335 or even $0.1350.
Tron Price Eyes More Upsides
Lately, Bitcoin and Ethereum dipped again, falling below $60,000 and $2,700 respectively, but Tron’s price held steady above its $0.1250 support level and even surged further upwards.
In simpler terms, the price of TRX surpassed the resistance at $0.1300 and reached as high as $0.1315. A new high was formed at $0.1314, indicating a potential increase in value. Moreover, there’s a notable bullish trend line emerging, providing support at $0.1305 on the hourly TRX/USD chart, suggesting further upward momentum.
The graph’s slope is nearly touching the 23.6% Fibonacci retracement point during the price rise from $0.1256 low to $0.1314 high. Currently, the value is being traded above $0.1300 and also the 100-hour moving average. If it continues upward, an initial barrier may appear around $0.1320.
Initially, significant resistance can be found around $0.1332. If the price surpasses this point, it may gain momentum and move upwards. The next hurdle is at approximately $0.1350. Overcoming this barrier could potentially propel TRX to $0.1400. Beyond that, a notable resistance lies around the $0.1420 mark. If surpassed, the bulls might target a more substantial rise towards $0.1450 in the coming days.
Are Dips Supported in TRX?
If the Tronix (TRX) price doesn’t surpass the $0.1320 barrier, there might be a decrease in its value. The initial support for TRX during this potential decline could lie within the $0.1300 region and along the trendline.
The main point of resistance is around $0.1285 or halfway through the upward trend from the $0.1256 low to the $0.1314 high. If it falls below this, it may touch $0.1280. Further losses could potentially push Tron down to the $0.1265 support in future 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 – $0.1300 and $0.1285.
Major Resistance Levels – $0.1320 and $0.1350.
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2024-08-15 08:13