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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Tron (TRX) Holds Green as Markets Fall: Can It Keep Going?

Aayush Jindal
Aayush Jindal
9 months ago
2 mins read
Tron (TRX) Holds Green

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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.

Tron Price
Source: TRXUSD on TradingView.com

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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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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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

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