Tron price is showing strength as it climbs above the $0.1150 resistance level against the US Dollar. TRX is outperforming Bitcoin and is poised to rise further above $0.1180. The price is currently 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 of the TRX/USD pair.
Despite recent declines in Bitcoin and Ethereum, Tron price has remained stable above the $0.1120 support and has seen a notable increase. The price cleared several hurdles and gained over 3%, reaching as high as $0.1170. TRX is now consolidating gains above the 23.6% Fib retracement level and is trading above $0.1160 and the 100-hourly simple moving average, indicating a bullish momentum.
In terms of resistance levels, TRX faces initial resistance at $0.1170, with major resistance at $0.1180. A successful break above $0.1200 could lead to further upward movement towards $0.1225 and possibly even $0.1320. However, if the price fails to clear the $0.1200 resistance, a downside correction could occur, with initial support at $0.1160 and major support at $0.1150 or the 100 simple moving average.
Technical indicators show that the MACD for TRX/USD is gaining momentum in the bullish zone, while the RSI is currently above the 50 level. Major support levels for TRX include $0.1160, $0.1150, and $0.1136, while major resistance levels are at $0.1180, $0.1200, and $0.1220. Overall, Tron price is showing strength and could continue to climb higher in the near future.
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