Tron price is accelerating above the US dollar resistance at $0.1150. TRX is outperforming Bitcoin and may rise above $0.1180.

• Tron is moving higher above the US Dollar resistance level at $0.1150.
• The price is holding above $0.1155 and the 100-hour straightforward moving average.
• A key bullish trendline is forming on the hourly chart of the TRX/USD pair with support at $0.1160 (data source from Kraken).
• The pair may continue to rise towards $0.1200 or even $0.1220.

Cena Tron is recovering

Recently, Bitcoin and Ethereum saw a fresh decline below $68,500 and $3,750 respectively. However, Tron price remained stable above the $0.1120 support and even increased.

There has been a decent move above the resistance zone at $0.1150. The TRX price overcame many hurdles and gained over 3%. There was a move above the $0.1165 level. A high is forming at $0.1170 and the price is currently consolidating gains above the 23.6% Fib retracement level resulting from an upward move from a low of $0.1102 to a high of $0.1170.

Tron price is currently trading above $0.1160 and the 100-hour straightforward moving average. A key uptrend line is also forming on the hourly chart of the TRX/USD pair with support at $0.1160.

On the other hand, the initial resistance is located near the USD 0.1170 level. The first major resistance is near USD 0.1180, above which the price may accelerate. The next resistance is near $0.1200. A close above the resistance at $0.1200 could see TRX continue to rise towards $0.1225. The next major resistance is located near the $0.1320 level, above which bulls will likely seek more upside towards $0.150.

Are dips supported on TRX?

If the TRX price fails to break through the resistance at $0.1200, a downward correction may begin. Initial downside support is located near the $0.1160 zone.

The first major support is located near the $0.1150 level or the 100 straightforward moving average (4 hours), below which it may test $0.1140. Any further losses could push Tron towards the support at $0.1136 in the coming sessions.

Technical indicators

Hourly MACD – 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 – $0.1160, $0.1150 and $0.1136.

Major resistance levels – $0.1180, $0.1200 and $0.1220.