Monday, March 4, 2024

Tron Price Prediction: TRX Could Outperform Bitcoin And Surge 10%

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Tron price is holding gains above the $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 $0.1065 and the 100 simple moving average (4 hours).
  • There is a key rising channel forming with support at $0.1052 on the 4-hour chart of the TRX/USD pair (data source from Kraken).
  • The pair could continue to climb higher toward $0.1105 or even $0.1200.

Tron Price Regains Strength

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

There was a move above the $0.1050 and $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).

There is also a key rising channel forming with support at $0.1052 on the 4-hour chart of the TRX/USD pair. The current price action suggests more upsides.

On the upside, an initial resistance is near the $0.1088 level. It is near 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 $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 $0.1150 resistance might send TRX further higher toward $0.1200. The next major resistance is near the $0.1124 level, above which the bulls are likely to aim for a larger increase toward $0.1320.

Are Dips Limited in TRX?

If TRX price fails to clear the $0.1105 resistance, it could start a downside correction. Initial support on the downside is near the $0.1065 zone.

The first major support is near the $0.1050 level or the trend line, below which it could test $0.1020. Any more losses might send Tron toward the $0.0975 support in the coming sessions.

Technical Indicators

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

4 hours 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 provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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