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Tron (TRX) price is on the rise from the $0.1300 zone against the US Dollar. TRX is outperforming Bitcoin and shows potential for further increases above $0.1350. Is a new all-time high soon for TRX price?
Tron Price Analysis: TRX Price Movement Above Key Resistance Levels
TRX price is showing strength as it moves higher above the $0.1300 resistance level against the US dollar. The price is currently trading above $0.1320 and the 100-hourly simple moving average. A key bullish trend line is forming with support at $0.1330 on the hourly chart of the TRX/USD pair (data from Kraken). This suggests that the pair could continue to climb towards $0.1380 or even $0.1420.
Tron Price Prediction: Eyes Fresh Increase
Recently, while Bitcoin and Ethereum experienced declines below $66,500 and $3,500 respectively, Tron remained stable above the $0.1300 support and climbed higher. TRX price made a significant move above the $0.1320 resistance zone, clearing the 50% Fib retracement level of the downward move from the $0.1371 swing high to the $0.1311 low. The TRX price is now trading above $0.1320 and the 100-hourly simple moving average.
A key bullish trend line with support at $0.1330 on the hourly chart suggests more upsides unless there is a move below $0.1320. The initial resistance is near $0.1350 or the 61.8% Fib retracement level of the downward move from the $0.1371 swing high to the $0.1311 low. If the price surpasses this, the next resistance is near $0.1380. A close above this level could push TRX price further towards $0.1400, with the next major resistance at $0.1420. Breaking this could lead to a larger increase towards $0.1450.
Support Levels and Potential Downside
If TRX price fails to clear the $0.1350 resistance, it could start a downside correction below the 100-hourly simple moving average. Initial support is near the $0.1335 zone, with the first major support at $0.1320. Falling below this could test the $0.1310 level, and further losses might send Tron towards the $0.1300 support.
Technical Indicators
- Hourly MACD: The MACD for TRX/USD is gaining momentum in the bullish zone.
- Hourly RSI: The RSI for TRX/USD is currently above the 50 level.
- Major Support Levels: $0.1335, $0.1320
- Major Resistance Levels: $0.1350, $0.1380
