Tron (TRX) Price Surges Above Key Resistance Levels, Eyes $0.1200

  • Tron price is gaining traction above the $0.1150 mark against the US Dollar, displaying promising market fundamentals.
  • The cryptocurrency is trading above $0.1155 and maintains strength above the 100-hourly simple moving average.
  • A critical bullish trend line is evident, providing support around the $0.1160 level on the hourly chart for the TRX/USD pair (data source from Kraken).
  • Tron appears poised to continue its ascent, potentially targeting $0.1200 or even $0.1220.

Discover how Tron’s price is gaining momentum, outpacing Bitcoin, and what’s next for the cryptocurrency’s upward trajectory.

Tron Price Shows Renewed Strength

In contrast to Bitcoin and Ethereum, which experienced fresh declines below $68,500 and $3,750 respectively, Tron has shown resilience above the $0.1120 level and demonstrated upward potential.

The price movement has been noteworthy, crossing the $0.1150 resistance zone. TRX has cleared multiple barriers, achieving over a 3% increase. It has successfully risen above $0.1165, reaching a high of $0.1170 and now consolidating above the 23.6% Fibonacci retracement level from the $0.1102 swing low to the $0.1170 high.

Currently, Tron trades above $0.1160 and holds above its 100-hourly simple moving average. The hourly chart also shows a bullish trend line supporting the $0.1160 region.

Analyzing Potential Resistance Levels

On the rise, immediate resistance is observed near the $0.1170 level. The initial major resistance stands close to $0.1180. Should Tron surpass this mark, it could see accelerated gains. Further resistance awaits near $0.1200, with a potential closing above this level possibly propelling TRX towards $0.1225. A significant resistance point is seen at $0.1320, which, if breached, may lead bulls to target $0.150.

Are Dips in TRX Supported?

If TRX faces difficulty breaking the $0.1200 resistance, a downside correction might ensue. The key initial support to watch lies near the $0.1160 area.

The first strong support level rests around $0.1150, aligning with the 100 simple moving average on the 4-hour chart. Failing this support could see Tron testing the $0.1140 level, with further decreases possibly pushing it towards $0.1136 in upcoming sessions.

Technical Insights

On the technical front, the Hourly MACD for TRX/USD is gaining strength within the bullish territory.

The Hourly RSI (Relative Strength Index) for TRX/USD is currently sitting above the 50 level, indicating positive momentum.

Key Support Levels: $0.1160, $0.1150, and $0.1136.

Key Resistance Levels: $0.1180, $0.1200, and $0.1220.

Conclusion

In summary, Tron’s price is showing robust performance by staying above critical support levels and breaking through notable resistance points. These movements highlight its potential to reach higher price targets like $0.1200 and beyond. Market participants should closely monitor both support and resistance levels to gauge future price movements, as Tron’s bullish momentum appears to be firmly in place for now.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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