Tron (TRX) Price Analysis: TRX Outperforms Bitcoin, Poised to Break the $0.1320 Resistance Zone

Tron (TRX) is witnessing a notable uptick in its price trajectory, surging past the $0.1250 zone against the US Dollar.

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Tron (TRX) price is displaying a remarkable uptick against the US Dollar, surging past the $0.1250 zone. In contrast to the declines experienced by Bitcoin and Ethereum, TRX is notably outperforming these leading cryptocurrencies.

As it currently stands, Tron is breaking through the $0.1280 resistance level versus the US Dollar. The price is now trading above $0.130, bolstered by the 100-hourly simple moving average. A crucial bullish trend line with support at $0.1305 is forming on the hourly chart of the TRX/USD pair.

The pair’s momentum could push it further towards $0.1335, and potentially higher to $0.1350.

In recent market movements, both Bitcoin and Ethereum experienced declines below $60,000 and $2,700 respectively. Contrarily, TRX maintained its stability above the $0.1250 support threshold, subsequently climbing higher. The price successfully breached the $0.1300 resistance zone and even tested the $0.1315 level. A high was registered at $0.1314, signaling potential for further gains. The hourly chart of the TRX/USD pair also depicts a significant bullish trend line forming at the $0.1305 support level.

This trend line is proximate to the 23.6% Fibonacci retracement of the upward move from the $0.1256 swing low to the recent $0.1314 high. Presently, TRX is trading confidently above $0.1300, supported by the 100-hourly simple moving average. Initial resistance is anticipated around the $0.1320 mark. The initial major resistance stands near $0.1332, where surpassing this level could see the price accelerate. Further resistance is noted near $0.1350. Overcoming the $0.1350 resistance might propel TRX towards $0.1400, and potentially higher, with the next major resistance around $0.1420. Clearing this level could see bulls aiming for a spike towards $0.1450 in the short term.

However, if TRX fails to break the $0.1320 resistance, a downside correction might ensue. Immediate support is likely around the $0.1300 region and the aforementioned trend line. A more substantial support is near the $0.1285 level or the 50% Fibonacci retracement level of the upward move from the $0.1256 swing low to the $0.1314 high. Should the decline steepen, TRX might test the $0.1280 level, with further erosion possibly driving the price down to the $0.1265 support in the upcoming sessions.

Technically, the hourly MACD for TRX/USD is gaining momentum within the bullish territory. Moreover, the hourly RSI (Relative Strength Index) for TRX/USD has ascended above the 50 level.

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