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Home»Analysis»TRX could outperform Bitcoin and rise 10%
Analysis

TRX could outperform Bitcoin and rise 10%

2024-01-06No Comments3 Mins Read
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Tron price is holding gains above the USD 0.1050 support against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.1105.

  • Tron is moving higher above the $0.1050 resistance level against the US dollar.
  • The price is trading above USD 0.1065 and the 100 simple moving average (4 hours).
  • A major ascending channel is forming with support at $0.1052 on the 4-hour chart of the TRX/USD pair (Kraken data source).
  • The pair could rise further towards $0.1105 or even $0.1200.

Tron Price regains power

Recently, Bitcoin and Ethereum saw a big drop below $43,500 and $2,200. However, Tron price remained steady above the $0.1000 support. TRX formed a base above USD 0.1020 and started a new increase.

There was a move above the USD 0.1050 and USD 0.1055 resistance levels. The bulls pushed it above the 50% Fib retracement level of the downward move from the $0.1059 swing high to the $0.1028 low. TRX is now trading above $0.1065 and the 100 simple moving average (4 hours).

A key ascending channel is also forming with support at $0.1052 on the 4-hour chart of the TRX/USD pair. Current price action suggests more upside.

On the upside, initial resistance is around the $0.1088 level. It is close to the 76.4% Fib retracement level of the downward move from the $0.1059 swing high to the $0.1028 low. The first major resistance is near USD 0.1105, above which the price could accelerate higher.

Tron Price Prediction

Source: TRXUSD on TradingView.com

The next resistance is near $0.1150. A close above the USD 0.1150 resistance could send TRX further up towards USD 0.1200. The next major resistance is near the $0.1124 level, above which bulls are likely to target a bigger move towards $0.1320.

See also  Bitcoin could skyrocket by as much as 890% this cycle, says analyst Michaël van de Poppe – these are his targets

Are dips limited in TRX?

If TRX price fails to clear the USD 0.1105 resistance, a downside correction could occur. The initial downside support is near the $0.1065 zone.

The first major support is near the $0.1050 level or the trendline, below which $0.1020 could test. Any further losses could send Tron towards the $0.0975 support in the coming sessions.

Technical indicators

4-hour MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.

Major support levels – $0.1065, $0.1050 and $0.0975.

Major resistance levels – $0.1088, $0.1105 and $0.1150.

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.

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#TRX Bitcoin Outperform Rise
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