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 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 feed from Kraken).
- The pair could continue rising towards $0.1275 or even $0.1320.
Tron price regains strength
Recently, bitcoin and ethereum experienced a further drop below $63,500 and $3,100 respectively. However, Tron price remained stable above the $0.1180 support and even rose higher.
There was a decent move above the $0.120 resistance zone. TRX price surpassed the 50% Fibonacci retracement level of the downward move from the high of $0.1239 to the low of $0.1181. Additionally, there was a break above a key downtrend 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.
Fountain: 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 high $0.1239 to the low $0.1181, above which the price could accelerate further. The next resistance is near $0.1320. A close above the $0.1320 resistance could see TRX rise further towards $0.1365. The next major resistance is near the $0.140 level, above which the bulls are likely to aim for a further rise towards $0.150.
Are drops allowed on TRX?
If TRX price fails to break above the $0.1250 resistance, it could start a downward correction. Initial support on the downside is near the $0.1220 area.
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 further losses could send Tron towards the $0.1150 support in the coming sessions.
Technical Indicators
4-hour MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.
Main support levels: $0.1220, $0.1195 and $0.1180.
Main resistance levels: $0.1250, $0.1275 and $0.1320.
