Recently, Bitcoin and Ethereum have again fallen below $68,500 and $3,750, however, Tron price remained stable and even gained ground above the $0.1120 support.
There was a decent move above the $0.1150 resistance area. TRX price broke many hurdles and gained more than 3%. There was a move above $0.1165. A high was formed at $0.1170 and the price is currently consolidating gains above the 23.6% Fibonacci retracement level of the upside from the $0.1102 swing low to $0.1170 high.
Tron price is currently trading above the $0.1160 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $0.1160 on the hourly chart of the TRX pair.
On the upside, an initial resistance is near the $0.1170 level. The first major resistance is near the $0.1180 level, above which the price is likely to accelerate gains. The next resistance is near the $0.1200 level. A close above the $0.1200 resistance level is likely to propel TRX further up to $0.1225. The next major resistance is near the $0.1320 level, above which the bulls are likely to target bigger gains with a target of $0.150.
If TRX price fails to clear the $0.1200 resistance level, it is likely to start a downside correction. An initial support on the downside is near the $0.1160 area.
The first major support is near the $0.1150 level, which is the 100 simple moving average (4-hours), below which the price is likely to test $0.1140. If there are further declines, Tron is likely to drop to the $0.1136 support level in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.
Major Support Levels – $0.1160, $0.1150, and $0.1136.
