Tron Bears Beware! TRX Could Silently Grind Higher by 20% — Find Out How

tron trx rally

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 24^th, 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.