Tron Displays Strength in Price Recovery
As Bitcoin and Ethereum faced setbacks, Tron managed to hold above the $0.1180 support level, demonstrating resilience and pushing higher. The price surged above the critical $0.120 resistance zone, showcasing a strong upward movement.
Breakout Above Resistance
- TRX price surpassed the 50% Fib retracement level from the recent swing high of $0.1239 to the low of $0.1181, signaling a bullish momentum.
- A crucial bearish trend line at $0.120 was broken on the 4-hour TRX/USD chart, indicating a shift in market sentiment.
Currently, Tron is trading above $0.1220 and the 100 simple moving average (4 hours), signaling a positive outlook for further price appreciation.
Potential Upside Targets
The immediate resistance lies around $0.1250, followed by:
- A target at $0.1275 or the 1.618 Fib extension level from the recent swing high, potentially propelling the price towards higher levels.
- A crucial hurdle at $0.1320, which could serve as a significant resistance point on the uptrend trajectory.
- A breakthrough above $0.1320 might pave the way for TRX to surge towards $0.1365 and eventually target the $0.140 level.
For additional insights, refer to the TRXUSD chart on TradingView.com.
Support Levels and Potential Corrections
In case the price faces a hurdle at $0.1250, a corrective movement might be initiated. Key support levels include:
- The immediate support at $0.1220, which could act as a cushion against downward pressure.
- A major support zone around $0.1195 and the 100 simple moving average (4 hours), offering a more robust defense against a bearish trend continuation.
- If selling pressure intensifies, Tron could test the critical support at $0.1180, with a further downturn potentially leading to a test of $0.1150.
Technical Indicators and Price Outlook
- 4-hour MACD โ TRX/USDโs MACD is exhibiting bullish momentum, indicating a positive trend.
- 4-hour RSI (Relative Strength Index) โ The RSI for TRX/USD is currently above the 50 level, suggesting a favorable market sentiment.
Key Levels to Watch:
- Support Levels โ $0.1220, $0.1195, and $0.1180.
- Resistance Levels โ $0.1250, $0.1275, and $0.1320.
Hot Take: TRXโs Path to Potential Gains
With Tron showcasing strength in its price recovery and aiming for higher targets, favorable technical indicators and key support levels provide a promising outlook. Stay informed about potential corrections and resistance levels to navigate TRXโs price movements effectively.
Sources:
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