NEW DELHI (CoinChapter.com) — Tron (TRX) rally saw its price outperforming Bitcoin, and gaining pace above $0.1118. It could extend gains and test the $0.125 resistance zone.
Tron TRX Rallying Begins
After a minor downside correction, Tron price found support near the $0.1060 zone and the 50-day simple moving average (blue). The downsides seem to be limited in TRX compared to Bitcoin and Ethereum.
A fresh support base was formed near $0.1060, and the price is now increasing. There was a steady increase above the $0.1150 level. It cleared the 50% Fib retracement level of the downward move from the $0.1175 swing high to the $0.1060 low.
The price is up over 5% and might continue to accelerate higher. Recently, Tron burned 11,092,781 TRX on January 24th, 2024. If the bulls remain in action, the price might continue to grind higher.
The first major resistance is near the $0.1150 level. It is close to the 76.4% Fib retracement level of the downward move from the $0.1175 swing high to the $0.1060 low. A clear move above the $0.1150 level could send the price toward the $0.1200 resistance.
The main target for the bulls in the current wave could be $0.1245. It represents the 1.618 Fib extension level of the downward move from the $0.1175 swing high to the $0.1060 low. Any more gains could open the doors for a test of $0.1320.
Downside Correction in TRX?
With no upside break, the TRX price might start a downside correction. Initial support is $0.1088. The first major support is near the 50-day simple moving average (blue) at $0.1060. A major rising channel is forming with support near $0.1060 on the daily chart.
A close below $0.1060 may perhaps call for a sharp decline. The next key support sits at $0.1000, below which the price might test the $0.0906 support. Any more losses could lead Tron toward the $0.0845 support.
Overall, Tron’s price is showing positive signs above $0.1120. If the bulls clear the $0.1150 barrier, the price could rally toward the $0.1200 level or even $0.1245. Conversely, a downside correction might be toward $0.1060 or $0.1000.
