Tron Price Analysis: Bullish Momentum Could Push TRX Higher

Tron Price Analysis: Bullish Momentum Could Push TRX Higher

Tron price has been showing positive momentum as it continues to climb above key resistance levels against the US Dollar. The cryptocurrency is currently outperforming Bitcoin and Ethereum, which could potentially lead to further price increases above the $0.140 mark.

On the 4-hour chart of the TRX/USD pair, there is a key bullish trend line forming with support at $0.1382. Additionally, Tron is trading above the $0.1350 level and the 100 simple moving average. These indicators suggest a bullish sentiment in the market.

If the bullish momentum continues, TRX could face initial resistance near the $0.140 level. The next major resistance sits at $0.1420, followed by potential targets at $0.1650 and $0.180. A close above $0.1650 could pave the way for a push towards $0.1720 and ultimately $0.20.

In the event of a downside correction, initial support is anticipated near the $0.1380 zone and the key trend line. Further support rests at $0.1350, with a possible test of the $0.1320 level. A break below these levels could lead to a retest of the $0.1250 support in the near future.

The 4-hour MACD for TRX/USD is showing bullish momentum, indicating a potential continuation of the current uptrend. The Relative Strength Index (RSI) is also above the 50 level, suggesting that buyers are in control of the market.

It is important to note that the information provided in this article is for educational purposes only. NewsBTC does not provide specific investment advice and any decisions made based on this information are done at your own risk. It is always recommended to conduct thorough research before making any investment decisions. Remember that all investments carry inherent risks and caution should always be exercised in the volatile cryptocurrency market.

Analysis

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