Tron (TRX) has been outpacing Bitcoin in terms of price performance recently. The TRX price has been rising from the $0.1250 support level against the US Dollar and shows potential for further gains above $0.1320.
The latest price movement in the cryptocurrency market saw Bitcoin and Ethereum experiencing declines below $60,000 and $2,700, respectively. However, Tron managed to remain stable above the $0.1250 support level and continued its upward trajectory.
TRX made a decent move above the $0.1300 resistance zone and even tested the $0.1315 level. It formed a high at $0.1314 and indicates signs of further upside potential. Furthermore, the hourly chart shows the formation of a key bullish trend line with support at $0.1305.
The trend line aligns closely with the 23.6% Fibonacci retracement level of the upward movement from the $0.1256 swing low to the $0.1314 high. Additionally, TRX is trading above $0.1300 and the 100-hourly simple moving average, suggesting a positive sentiment in the market.
If the resistance at $0.1320 is breached, TRX could continue climbing higher towards $0.1335 and even $0.1350. A close above the $0.1350 resistance level could potentially push TRX towards $0.1400, with the next major resistance level at $0.1420. Ultimately, the bulls might aim for a larger increase towards $0.1450 in the near term.
On the other hand, if TRX fails to surpass the $0.1320 resistance, a downside correction may occur. Initial support is expected at the $0.1300 zone and the previously mentioned trend line. If further losses occur, TRX could find support at around $0.1285 or the 50% Fibonacci retracement level. Additional downside movement may lead the price towards the $0.1265 support level in the coming sessions.
Technical indicators suggest a bullish outlook for TRX, with the MACD gaining momentum in the bullish zone and the RSI currently above the 50 level.
Overall, Tron’s price performance has been impressive, outshining Bitcoin in recent times. If the positive momentum continues, TRX has the potential to rise further and maintain its upward trajectory.