As a seasoned crypto investor with over five years of experience under my belt, I find the current Tron (TRX) price action quite intriguing. Despite the recent dip in Bitcoin and Ethereum prices, TRX has managed to hold its ground above the $0.1560 support, demonstrating a level of resilience that is worth noting.
The current Tron price is maintaining its growth beyond the $0.1560 area when compared to the U.S. dollar. Interestingly, Tron is performing better than Bitcoin and may soon escalate past the $0.1600 mark, indicating a potential fresh upward movement.
- Tron is stable and holding gains above $0.1560 against the US dollar.
The price is trading below $0.1580 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.1585 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 Remains Supported
Lately, Bitcoin and Ethereum have dropped again, going below $62,000 and $2,400 respectively. In contrast, the price of Tron held steady, staying above its $0.1560 support level.
The cost surpassed the $0.160 resistance point and peaked at $0.1618, but it has since dropped. It fell below the $0.1600 mark and also dipped beneath the 23.6% Fibonacci retracement level of the rally from the $0.1555 low to the $0.1618 high, indicating a possible reversal or continued downtrend.
Currently, the TRX price is exceeding $0.1580 and aligning with the 100-hour moving average. Additionally, a significant bullish trendline is emerging, providing support at approximately $0.1585 on the hourly chart of TRX/USD. This trendline is near the halfway point (50%) of the Fibonacci retracement line that extends from the $0.1555 swing low to the $0.1618 high.
Looking on the positive side, there’s an initial barrier around $0.160. After this, significant resistance can be found at approximately $0.1620, surpassing which could lead to a faster price rise. The following resistance level is set at $0.1650. Breaking above the $0.1650 barrier may push TRX higher towards $0.1685. Beyond this, there’s substantial resistance around the $0.1700 mark, surpassing which the bulls might aim for a more significant increase, potentially targeting $0.1720 in the short term.
Are Dips Supported in TRX?
If the TRX price doesn’t manage to surpass the $0.1600 barrier, there might be a shift towards a decline. The first potential support level could be around $0.1585 or the drawn trendline.
In simpler terms, the initial strong resistance is around $0.1570. If it drops below this point, we may see a test at $0.1550. Further declines could lead to the $0.1520 level becoming a key support in the upcoming periods.
Technical Indicators
Hourly MACD – The MACD for TRX/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for TRX/USD is currently below the 50 level.
Major Support Levels – $0.1585 and $0.1570.
Major Resistance Levels – $0.1600 and $0.1620.
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2024-10-10 08:10