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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Tron Price Survives The Storm: Can TRX Climb Further??

Aayush Jindal
Aayush Jindal
8 months ago
2 mins read
Tron Price Survives The Storm

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Tron price is holding gains above the $0.1550 zone against the US Dollar. TRX is outperforming Bitcoin and could start a fresh increase above $0.1620.

  • Tron is stable and holding gains above $0.1550 against the US dollar.
  • The price is trading below $0.1620 and the 100-hourly simple moving average.
  • There is a key rising channel forming with support at $0.1595 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 Eyes Fresh Increase

Recently, Bitcoin and Ethereum saw a fresh decline below $60,000 and $2,650 respectively. However, Tron price remained stable above the $0.1550 support.

A low was formed near $0.1554 and the price started a decent upward move. There was a move above the $0.1585 resistance level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1688 swing high to the $0.1554 low.

However, the bears seem to be active near the $0.1620 level. TRX price is now trading below $0.1620 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $0.1595 on the hourly chart of the TRX/USD pair.

On the upside, an initial resistance is near the $0.1610 level. The first major resistance is near $0.1620, above which the price could accelerate higher. The next resistance is near $0.1650 or the 76.4% Fib retracement level of the downward move from the $0.1688 swing high to the $0.1554 low.

Tron Price
Source: TRXUSD on TradingView.com

A close above the $0.1650 resistance might send TRX further higher toward $0.1720. The next major resistance is near the $0.1740 level, above which the bulls are likely to aim for a larger increase toward $0.1850 in the near term.

Are Dips Supported in TRX?

If TRX price fails to clear the $0.1620 resistance, it could start a downside correction. Initial support on the downside is near the $0.1595 zone and the channel’s trend line.

The first major support is near the $0.1575, 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 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 – $0.1550 and $0.1520.

Major Resistance Levels – $0.1620 and $0.1650.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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