Tron price is showing signs of strength as it rises above the $0.1150 resistance level against the US Dollar. TRX is trading above $0.1155 and the 100-hourly simple moving average, with a key bullish trend line forming at $0.1160 on the hourly chart. The price could potentially continue its upward momentum towards $0.1200 or even $0.1220, outperforming Bitcoin in the process.
Despite recent declines in Bitcoin and Ethereum, Tron price managed to stay stable above the $0.1120 support and even climbed higher. The price cleared multiple hurdles and gained over 3%, reaching a high of $0.1170 before consolidating gains. Currently, Tron price is consolidating above the 23.6% Fib retracement level and is trading above $0.1160 and the 100-hourly simple moving average.
Looking ahead, there is an initial resistance near the $0.1170 level, with a major resistance at $0.1180. If this resistance is surpassed, the price could potentially accelerate higher towards $0.1200 and even $0.1225. In a bullish scenario, Tron might target the $0.1320 level, with further gains possible towards $0.150. However, if the price fails to break above $0.1200, a downside correction could occur with initial support at $0.1160, followed by $0.1150 and $0.1136.
In terms of technical indicators, the hourly MACD for TRX/USD is gaining momentum in the bullish zone, while the hourly RSI is above the 50 level. Major support levels include $0.1160, $0.1150, and $0.1136, with major resistance levels at $0.1180, $0.1200, and $0.1220. Tron price’s ability to continue its upward momentum will depend on its ability to break key resistance levels and maintain support levels during potential downside corrections. Investors will be closely monitoring these levels to assess Tron’s price movement in the coming days.
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