Tron Price Prediction: TRX Outperforms Bitcoin, Can It Hit $0.132?

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As a researcher with experience in the cryptocurrency market, I’m observing a positive trend in Tron (TRX) price against the US dollar. The price has broken above the $0.1220 resistance level and is currently trading above the 100 simple moving average on the 4-hour chart.

As a researcher studying the cryptocurrency market, I’ve noticed that Tron (TRX) has been making steady progress above the $0.1220 resistance level against the US Dollar. In fact, TRX is currently outperforming Bitcoin and showing potential for further growth beyond $0.1250.

    Tron is moving higher above the $0.120 resistance level against the US dollar.
    The price is trading above $0.1220 and the 100 simple moving average (4 hours).
    There was a break above a key bearish trend line with resistance at $0.120 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
    The pair could continue to climb higher toward $0.1275 or even $0.1320.

Tron Price Regains Strength

Lately, the prices of Bitcoin and Ethereum dipped again, falling beneath $63,500 and $3,100 respectively. In contrast, Tron’s price held steady above the $0.1180 mark of support and even advanced further upwards.

The price of TRX made a significant advance past the $0.120 resistance mark. This move surpassed the 50% Fibonacci retracement level, which is calculated from the drop down to $0.1181 following the peak at $0.1239. Additionally, there was a breach above a notable trendline with a resistance at $0.120 on the TRX/USD pair’s 4-hour chart.

As a crypto investor, I’m observing that Tron’s price has climbed above the $0.1220 mark and surpassed the 100 simple moving average on the 4-hour chart. Looking ahead, an initial resistance lies at the $0.1250 level.

Tron Price Prediction: TRX Outperforms Bitcoin, Can It Hit $0.132?

As a researcher studying the price movements of TRX, I’ve identified key resistance levels in its current trend. The initial significant resistance lies around $0.1275 or the 1.618 Fibonacci extension level of the recent downward swing from $0.1239 peak to $0.1181 trough. Overcoming this barrier could lead to a more substantial price increase.

Are Dips Supported in TRX?

If the TRX price is unable to surpass the $0.1250 mark of resistance, there’s a chance for a price decrease. The first level of support can be found around the $0.1220 region.

The Tron price is expected to encounter its first significant resistance around $0.1195 or the 4-hour 100 simple moving average. A fall below this point may lead to a test of the support at $0.1180. Further declines could potentially push Tron down to the $0.1150 level in the upcoming trading periods.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.

Major Support Levels – $0.1220, $0.1195, and $0.1180.

Major Resistance Levels – $0.1250, $0.1275, and $0.1320.

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2024-05-09 08:46