Tron price has been gaining momentum above the key resistance level of $0.120 against the US Dollar. The latest surge in price has outperformed Bitcoin, indicating a bullish trend for TRX. The digital currency is currently trading above $0.1350 and the 100 simple moving average for the 4-hour chart, suggesting a positive outlook for TRX.
A key bullish trend line has formed with support at $0.1382 on the 4-hour chart of the TRX/USD pair. This trend line acts as a support level for TRX, indicating potential price movements. If the trend line holds, TRX could continue to climb higher towards $0.165 and even $0.180 in the near future.
On the upside, TRX faces initial resistance near the $0.140 level, followed by a major resistance at $0.1420. A break above these levels could potentially accelerate TRX towards higher price levels, with the next resistance zone near $0.1650. If TRX manages to surpass $0.1650, the price could aim for $0.1720 and even $0.180, where bulls are likely to push for further gains.
In case TRX fails to clear the $0.140 resistance level, a downside correction might occur. Initial support is expected near the $0.1380 zone and the trend line that has been forming. Further support can be found near the $0.1350 level, followed by the 50% Fib retracement level at $0.1320. If TRX experiences more losses, it could test the $0.1250 support level in the coming trading sessions.
The 4-hour MACD for TRX/USD is gaining momentum in the bullish zone, signaling positive price movements. The 4-hour RSI is currently above the 50 level, indicating bullish strength in the TRX market. Major support levels for TRX include $0.1380, $0.1350, and $0.1320, while major resistance levels stand at $0.140, $0.1650, and $0.180.
It is important to note that the information provided in this analysis is for educational purposes only. It does not reflect the opinions of NewsBTC on whether to buy, sell, or hold any investments. All investments carry risks, and it is advisable to conduct thorough research before making any investment decisions. Users are encouraged to use the information provided on this website at their own risk.
