Tron’s price is maintaining gains above the $0.15 against the U.S. dollar, showing resilience while other cryptocurrencies fall.
TRX is outperforming Bitcoin and analysts think it may potentially increase further above $0.1600.
Tron’s price stability looks hot
Bitcoin and Ethereum experienced declines, dropping below $62,000 and $2,400. In contrast, Tron remained pretty stable above the $0.156 support level.
The price rose past the $0.160 resistance, reaching a high of $0.1618 before undergoing a slight correction.
After dipping below $0.160, Tron fell beneath the 23.6% Fibonacci retracement level of its upward movement from a low of $0.155 to the high of $0.161.
TRX now is trading above $0.158 and the 100-hour simple moving average. A key bullish trend line is forming with support at $0.158 on the hourly chart for the TRX/USD pair.
This trend line aligns closely with the 50% Fibonacci retracement level of the move from the low of $0.155 to the high of $0.161.
Where are our gains?
On the upside, the first resistance is near the $0.160 level, with a major resistance point at around $0.162.
If TRX can break above this level, it could gain momentum toward $0.165 and possibly reach as high as $0.168.
The next significant resistance is near the $0.170 level, where bulls might target an even larger increase toward $0.172 in the near future.
The future looks promising, but there are things to do
If TRX struggles to surpass the $0.160 resistance, it might begin to correct downward. Initial support is around the $0.158 area and along the trend line.
The first major support is near $0.157, and if that fails, Tron could test the $0.155 level next.
Further losses might push it down to around $0.152 in upcoming sessions.
