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

newsbtc.com 09 May 2024 08:02, UTC

Tron price is gaining pace above the $0.1220 resistance against the US Dollar. TRX is outperforming Bitcoin and could rise further above $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

Recently, Bitcoin and Ethereum saw a fresh decline below $63,500 and $3,100 respectively. However, Tron price remained stable above the $0.1180 support and even climbed higher.

There was a decent move above the $0.120 resistance zone. TRX price cleared the 50% Fib retracement level of the downward move from the $0.1239 swing high to the $0.1181 low. Besides, 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.

Tron price is now trading above $0.1220 and the 100 simple moving average (4 hours). On the upside, an initial resistance is near the $0.1250 level.

Source: TRXUSD on TradingView.com

The first major resistance is near $0.1275 or the 1.618 Fib extension level of the downward move from the $0.1239 swing high to the $0.1181 low, above which the price could accelerate higher. The next resistance is near $0.1320. A close above the $0.1320 resistance might send TRX further higher toward $0.1365. The next major resistance is near the $0.140 level, above which the bulls are likely to aim for a larger increase toward $0.150.

Are Dips Supported in TRX?

If TRX price fails to clear the $0.1250 resistance, it could start a downside correction. Initial support on the downside is near the $0.1220 zone.

The first major support is near the $0.1195 level or the 100 simple moving average (4 hours), below which it could test $0.1180. Any more losses might send Tron toward the $0.1150 support in the coming sessions.

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.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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