Tron Price Surpasses Bitcoin Price: Will TRX Maintain Momentum and Rise?

Tron price is rising from the $0.1250 zone against the US dollar. TRX is performing better than Bitcoin and could rise further above $0.1320.

Tron shares are moving higher, above the $0.1280 resistance level against the US dollar.
The price is holding above $0.130 and the 100-hour elementary moving average.
On the hourly chart of the TRX/USD pair, a key uptrend line is forming with support at $0.1305 (data source: Kraken).
The pair may continue to rise towards $0.1335 or even $0.1350.

Tron Price Provides More Benefits

Recently, Bitcoin and Ethereum recorded a fresh decline below $60,000 and $2,700 respectively. However, Tron price remained stable above the $0.1250 support and rose higher.

There was a decent move above the $0.1300 resistance zone. TRX price even tested the $0.1315 level. The high was formed at $0.1314, and the price shows signs of further growth. A key bullish trendline was also formed on the hourly chart of the TRX/USD pair with support at $0.1305.

The trendline is near the 23.6% Fibonacci retracement level of the upside from the swing low of 0.1256 to the high of 0.1314. The price is now trading above 0.1300 and the 100-hour elementary moving average. On the upside, initial resistance is near the 0.1320 level

The first major resistance is near $0.1332, above which the price could accelerate. The next resistance is near $0.1350. A close above the $0.1350 resistance could see TRX rally further towards $0.1400. The next major resistance is near $0.1420, above which the bulls are likely to target a bigger rally towards $0.1450 in the near future.

Does TRX support dips?

If TRX price fails to break through the $0.1320 resistance, it could begin a downward correction. Initial downside support is near the $0.1300 zone and the trendline.

The first major support is near the $0.1285 level or the 50% Fibonacci retracement level of the uptrend from the $0.1256 swing low to the $0.1314 high, below which the $0.1280 level could be tested. Any further losses could take Tron towards the $0.1265 support level in the coming sessions.

Technical indicators

Hourly MACD – MACD for TRX/USD is gaining momentum in the growth zone.

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

Major support levels – USD 0.1300 and USD 0.1285.

Major resistance levels – USD 0.1320 and USD 0.1350.