Tron (TRX) is proving to be one of the top-performing cryptocurrencies as it holds gains above the $0.1050 support against the US Dollar. In fact, it is currently outperforming Bitcoin and showing potential for a further rise above $0.1105. Tron’s price has successfully moved higher above the $0.1050 resistance level and is now trading above $0.1065 and the 100 simple moving average (SMA) on the 4-hour chart.
TRX has been following an upward trend, forming a bullish flag pattern that suggests a possible surge in the near future. If the price continues to rise, it could break the $0.1105 resistance level and pave the way for a strong bullish momentum. On the downside, there is a crucial support forming near $0.1045, which needs to hold to prevent a major decline.
The relative strength index (RSI) is currently well above the 50 level, indicating that the buyers are in control. Moreover, there is a significant bullish trend line forming with support near $0.1065 on the same chart. If the price breaks above the $0.1105 resistance level, the next key resistance could be near the $0.1140 level.
In conclusion, Tron (TRX) is showing great potential for further gains as it outperforms Bitcoin and remains above the $0.1050 support level. The formation of a bullish flag pattern and the strong presence of buyers suggest that a surge above $0.1105 is possible. However, it is important to keep an eye on the crucial support levels and the overall market conditions to avoid any major setbacks.
