Tron price is holding gains above the $0.1560 zone against the US Dollar. TRX is outperforming Bitcoin and could start a fresh increase above $0.1600.
Tron is stable and holding gains above $0.1560 against the US dollar.
The price is trading below $0.1580 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.1585 on the hourly chart of the TRX/USD pair (data source from Kraken).
The pair could continue to climb higher toward $0.1620 or even $0.1650.
Tron Price Remains Supported
Recently, Bitcoin and Ethereum saw a fresh decline below $62,000 and $2,400 respectively. However, Tron price remained stable above the $0.1560 support.
The price climbed higher above the $0.160 resistance level. A high was formed at $0.1618 and recently there was a downside correction. The price dipped below the $0.1600 level. There was a move below the 23.6% Fib retracement level of the upward move from the $0.1555 swing low to the $0.1618 high.
TRX price is now trading above $0.1580 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $0.1585 on the hourly chart of the TRX/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.1555 swing low to the $0.1618 high.
On the upside, an initial resistance is near the $0.160 level. The first major resistance is near $0.1620, above which the price could accelerate higher. The next resistance is $0.1650. A close above the $0.1650 resistance might send TRX further higher toward $0.1685. The next major resistance is near the $0.1700 level, above which the bulls are likely to aim for a larger increase toward $0.1720 in the near term.
Are Dips Supported in TRX?
If TRX price fails to clear the $0.1600 resistance, it could start a downside correction. Initial support on the downside is near the $0.1585 zone and the trend line.
The first major support is near the $0.1570 level, below which it could test $0.1550. Any more losses might send Tron toward the $0.1520 support in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for TRX/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for TRX/USD is currently below the 50 level.
Major Support Levels – $0.1585 and $0.1570.
Major Resistance Levels – $0.1600 and $0.1620.
Source: NewsBTC.com
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