Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Tron Price Outshines Bitcoin: Can TRX Keep Momentum and Rise?

Source Newsbtc

Tron price is rising from the $0.1250 zone against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.1320.

Tron is moving higher above the $0.1280 resistance level against the US dollar.
The price is trading above $0.130 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.1305 on the hourly chart of the TRX/USD pair (data source from Kraken).
The pair could continue to climb higher toward $0.1335 or even $0.1350.

Tron Price Eyes More Upsides

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

There was a decent move above the $0.1300 resistance zone. TRX price even tested the $0.1315 level. A high is formed at $0.1314 and the price is showing signs of more upsides. There is also a key bullish trend line forming with support at $0.1305 on the hourly chart of the TRX/USD pair.

The trend line is close to the 23.6% Fib retracement level of the upward move from the $0.1256 swing low to the $0.1314 high. The price is now trading above $0.1300 and the 100-hourly simple moving average. On the upside, an initial resistance is near the $0.1320 level

The first major resistance is near $0.1332, above which the price could accelerate higher. The next resistance is near $0.1350. A close above the $0.1350 resistance might send TRX further higher toward $0.1400. The next major resistance is near the $0.1420 level, above which the bulls are likely to aim for a larger increase toward $0.1450 in the near term.

Are Dips Supported in TRX?

If TRX price fails to clear the $0.1320 resistance, it could start a downside correction. Initial support on the downside is near the $0.1300 zone and the trend line.

The first major support is near the $0.1285 level or the 50% Fib retracement level of the upward move from the $0.1256 swing low to the $0.1314 high, below which it could test $0.1280. Any more losses might send Tron toward the $0.1265 support in the coming sessions.

Technical Indicators

Hourly MACD – The 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 – $0.1300 and $0.1285.

Major Resistance Levels – $0.1320 and $0.1350.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Dollar holds above 100 near a 3-month high — three Fed speakers and a $69 billion auction land tonight The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

Author Suzie

Sep 22, Tue

The dollar index closed at 100.43 on Monday, its highest close since late July, after a weekly gain of about 1% — the best in more than three months — and is holding above the 100.00 handle in Asia. Three Fed officials speak tonight alongside a $69 billion two-year note auction, the first leg of $183 billion of Treasury supply this week.

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anyway Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

Author Irene Q.

Sep 23, Wed

Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.

US input costs rose at the fastest pace in four years — the September flash PMI beat is an inflation story, not a growth story US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Author Suzie

Sep 24, Thu

US September flash PMIs came in far above expectations, with the composite at 58.4, a five-year high. But the detail that moved markets was input cost inflation at its fastest since October 2022, driven by fuel, transport and supply shortages. Brent is back above $100 and the 10-year Treasury yield has hit its highest since 2007.

Gold Price Forecast: Gold Drops Below $4,300, Will It Continue to Fall? As of the European session on September 24, gold prices (XAUUSD) extended their correction, dipping below $4,300 intraday to hit a low of $4,262.45. After previously rebounding close to $

Author TradingKey

Sep 24, Thu

As of the European session on September 24, gold prices (XAUUSD) extended their correction, dipping below $4,300 intraday to hit a low of $4,262.45. After previously rebounding close to $

Popular Symbols