Tron (TRX) Holds Green as Markets Fall: Can It Keep Going?
10 Ottobre 2024 - 7:08AM
NEWSBTC
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.
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