Tron price is displaying a strong uptrend, surpassing the $0.1150 resistance level against the US Dollar. TRX is currently outperforming Bitcoin, hinting at potential further gains above $0.1180. The price is above $0.1155 and the 100-hourly simple moving average, demonstrating a positive outlook for TRX.
A key bullish trend line has formed with support at $0.1160 on the hourly chart of the TRX/USD pair, pointing towards a bullish sentiment in the market. This trend line indicates the potential for TRX to continue climbing higher, potentially reaching levels above $0.1200 or even $0.1220 in the near future.
On the upside, initial resistance for TRX is near the $0.1170 level, with major resistance levels located at $0.1180 and $0.1200. A close above the $0.1200 resistance could trigger further upward movement towards $0.1225 and eventually $0.1320. However, failure to clear the $0.1200 resistance might lead to a downside correction, with initial support seen near the $0.1160 zone.
The hourly MACD for TRX/USD is showing increasing momentum in the bullish zone, indicating a positive trend for the cryptocurrency. The hourly RSI (Relative Strength Index) for TRX/USD is currently above the 50 level, further supporting the bullish outlook for Tron price.
Overall, Tron price is exhibiting strong bullish momentum, with the potential to continue climbing higher in the short term. The formation of a key bullish trend line and the clear resistance and support levels suggest a positive outlook for TRX. However, traders should remain cautious of a possible downside correction if the $0.1200 resistance is not breached successfully. Keep an eye on key levels and technical indicators to make informed trading decisions in the coming sessions.
Leave a Reply