Tron Price Outshines Bitcoin: Can TRX Keep Momentum and Rise?
15 August 2024 - 3:08PM
NEWSBTC
Tron price is rising from the $0.1250 zone against the US Dollar.
TRX is outperforming Bitcoin and could rise further above $0.1320.
Tron is moving higher above the $0.1280 resistance level against
the US dollar. The price is trading above $0.130 and the 100-hourly
simple moving average. There is a key bullish trend line forming
with support at $0.1305 on the hourly chart of the TRX/USD pair
(data source from Kraken). The pair could continue to climb higher
toward $0.1335 or even $0.1350. Tron Price Eyes More Upsides
Recently, Bitcoin and Ethereum saw a fresh decline below $60,000
and $2,700 respectively. However, Tron price remained stable above
the $0.1250 support and climbed higher. There was a decent move
above the $0.1300 resistance zone. TRX price even tested the
$0.1315 level. A high is formed at $0.1314 and the price is showing
signs of more upsides. There is also a key bullish trend line
forming with support at $0.1305 on the hourly chart of the TRX/USD
pair. The trend line is close to the 23.6% Fib retracement level of
the upward move from the $0.1256 swing low to the $0.1314 high. The
price is now trading above $0.1300 and the 100-hourly simple moving
average. On the upside, an initial resistance is near the $0.1320
level The first major resistance is near $0.1332, above which the
price could accelerate higher. The next resistance is near $0.1350.
A close above the $0.1350 resistance might send TRX further higher
toward $0.1400. The next major resistance is near the $0.1420
level, above which the bulls are likely to aim for a larger
increase toward $0.1450 in the near term. Are Dips Supported in
TRX? If TRX price fails to clear the $0.1320 resistance, it could
start a downside correction. Initial support on the downside is
near the $0.1300 zone and the trend line. The first major support
is near the $0.1285 level or the 50% Fib retracement level of the
upward move from the $0.1256 swing low to the $0.1314 high, below
which it could test $0.1280. Any more losses might send Tron toward
the $0.1265 support 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 –
$0.1300 and $0.1285. Major Resistance Levels – $0.1320 and $0.1350.
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