Tron Price Shows Strength in Recent Surge
Despite a major drop in Bitcoin and Ethereum prices, Tron has remained stable above the $0.1000 support level. TRX formed a base and has now started to climb higher.
The price of TRX broke through resistance levels at $0.1050 and $0.1055. It also moved above the 50% Fibonacci retracement level of the previous downward move. Currently, TRX is trading above $0.1065 and the 100 simple moving average (4 hours).
A rising channel has also formed, with support at $0.1052 on the 4-hour chart of the TRX/USD pair. This suggests that there may be more upsides to come.
Potential Upside Targets for Tron
Looking ahead, there is an initial resistance near $0.1088, followed by a major resistance at $0.1105. If TRX can break through these levels, it could continue to climb higher.
The next resistance after that is around $0.1150, and if TRX can close above this level, it may move even further toward $0.1200. The bulls may then target the $0.1124 level, with a larger increase possible up to $0.1320.
Watch Out for Potential Dips in TRX
If TRX fails to clear the $0.1105 resistance, it could experience a downside correction. The first support on the downside is near the $0.1065 zone.
Further support can be found at the $0.1050 level or along the trend line. If these levels are broken, TRX may test support at $0.1020. In the worst case scenario, Tron could drop to $0.0975 in the near future.
Technical Indicators and Key Levels
The MACD for TRX/USD on the 4-hour chart is showing bullish momentum. The RSI for TRX/USD is currently above the 50 level.
Major support levels for TRX are at $0.1065, $0.1050, and $0.0975. On the other hand, major resistance levels can be found at $0.1088, $0.1105, and $0.1150.
Hot Take: Tron Price Holds Steady Amidst Market Volatility
Despite significant drops in Bitcoin and Ethereum prices, Tron has managed to maintain its stability and show strength in its recent surge. With key resistance levels ahead, it remains to be seen whether TRX can continue its upward momentum or face a potential correction. Keep an eye on the technical indicators and key levels to gauge TRX’s future performance.
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