Tron Price Update: Bullish Momentum Continues
Tron’s price is on the rise, surpassing the $0.1280 resistance level against the US dollar. The cryptocurrency is now trading above $0.130, supported by the 100-hourly simple moving average. A key bullish trend line has formed with support at $0.1305 on the hourly chart of the TRX/USD pair sourced from Kraken. As a result, the pair is poised for further gains, potentially breaching key resistance levels.
Tron Price Eyes More Upsides
Despite recent declines in Bitcoin and Ethereum prices, Tron has remained resilient. The cryptocurrency held above the $0.1250 support and surged higher, breaking through the $0.1300 resistance zone. TRX price even reached $0.1315 before retracing slightly. A bullish trend line with support at $0.1305 is providing strong footing for further upside moves.
- Price tested $0.1314 and shows signs of upward potential.
- The trend line aligns with the 23.6% Fib retracement level, offering additional support.
- Immediate resistance lies at $0.1320, with further hurdles at $0.1332 and $0.1350.
Are Dips Supported in TRX?
If TRX fails to break above the $0.1320 resistance, a corrective phase may follow. Initial support is anticipated near $0.1300 and the established trend line. Should the price fall, key support levels at $0.1285 and $0.1280 could come into play, paving the way for a potential test of $0.1265 in the near future.
Technical indicators point towards a bullish scenario:
- Hourly MACD shows increasing bullish momentum.
- Hourly RSI remains above the 50 level, indicating strength in the TRX/USD pair.
Key support and resistance levels to watch include:
- Support Levels: $0.1300, $0.1285
- Resistance Levels: $0.1320, $0.1350
Hot Take: Tron’s Ongoing Rally
Tron’s price surge showcases strength and resilience in the cryptocurrency’s market performance. With strong support levels and bullish indicators, TRX is well-positioned for further gains in the short term. Keep an eye on key resistance levels as Tron aims to climb higher.
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