As a seasoned crypto investor with a decade of experience under my belt, I find myself quite optimistic about Tron (TRX) at this moment. The price holding gains above $0.1550 against the US dollar is a promising sign, especially considering the recent downturn in Bitcoin and Ethereum.
The price of Tron is maintaining its upward momentum over the $0.1550 mark when compared to the US dollar. Interestingly, Tron is performing better than Bitcoin and might soon surge past the $0.1620 level.
- Tron is stable and holding gains above $0.1550 against the US dollar.
The price is trading below $0.1620 and the 100-hourly simple moving average.
There is a key rising channel forming with support at $0.1595 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 Eyes Fresh Increase
Just now, Bitcoin dipped beneath the $60,000 mark, while Ethereum fell below $2,650. In contrast, the price of Tron held steady above its $0.1550 support level.
Initially, a dip occurred close to $0.1554, and subsequently, the value began an encouraging ascent. It successfully surpassed the resistance at $0.1585. The price then rose beyond the 23.6% Fibonacci retracement level of the downward trend from the peak at $0.1688 to the trough at $0.1554.
Nevertheless, it appears that the bears are active around the $0.1620 mark for the Tron (TRX). At present, the price is falling below $0.1620 and the 100-hour moving average. Additionally, a significant upward trendline, offering support at $0.1595 on the hourly TRX/USD chart, seems to be emerging.
On a positive note, there’s a potential resistance point around the $0.1610 mark. Beyond this, a significant resistance lies at approximately $0.1620. If the price surpasses this, it might gather momentum and move upward further. The next notable resistance is found at either the $0.1650 level or the 76.4% Fibonacci retracement level of the downward journey from the peak at $0.1688 to the trough at $0.1554.
Approaching a barrier slightly above $0.1650 could propel TRX upwards towards approximately $0.1720. Beyond this point, significant resistance lies around $0.1740, surpassing which might encourage further growth towards an estimated $0.1850 in the short term. Bulls would likely target a more substantial rise if they manage to break through this level.
Are Dips Supported in TRX?
Should the Tronix (TRX) price struggle to surpass the $0.1620 barrier, it might trigger a potential decline. A potential first line of defense for TRX could be found at approximately $0.1595, with the lower boundary of the channel providing further support.
In simpler terms, if the price of Tron drops from its current position, it may first encounter resistance around $0.1575. If it falls below this point, it could potentially test the support level at $0.1550. Further losses might push Tron towards the $0.1520 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 – $0.1550 and $0.1520.
Major Resistance Levels – $0.1620 and $0.1650.
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2024-08-30 08:46