Over the past few days, the price of Tron has witnessed a respectable increase above the ZAR 1.26 (USD 0.0675) level against the US Dollar, following a pattern similar to both Bitcoin and Ethereum. TRX ascended above the ZAR 1.31 (USD 0.070) resistance and the 100 simple moving average (4 hours).
Significantly, there was an evident move above the 23.6% Fibonacci retracement level of the main decline from the ZAR 1.59 (USD 0.0849) swing high to the ZAR 1.21 (USD 0.0646) low. Moreover, there was a break above a key bearish trend line with resistance around ZAR 1.38 (USD 0.0735) on the 4-hour chart of the TRX/USD pair. The price of TRON is now trading above ZAR 1.35 (USD 0.072) and the 100 simple moving average (4 hours).
On the upside, an initial resistance is near the ZAR 1.40 (USD 0.0750) zone. This is closely aligned with the 50% Fibonacci retracement level of the key decline from the ZAR 1.59 (USD 0.0849) swing high to the ZAR 1.21 (USD 0.0646) low. If there is a closing above the ZAR 1.40 (USD 0.0750) resistance, it could propel TRX further upwards.
The subsequent major resistance is near the ZAR 1.50 (USD 0.0800) level, above which the bulls are likely to target a larger increase towards the crucial ZAR 1.59 (USD 0.0850) zone in the forthcoming days. Any additional gains could pave the way for a move towards the ZAR 1.65 (USD 0.088) level.
Support for Dips in TRX for South African Investors
If the TRX price fails to breach the ZAR 1.40 (USD 0.0750) resistance, it could undergo a correction towards the lower end. Initial support on the downside is around the ZAR 1.37 (USD 0.0730) zone and the trend line.
The next significant support is near the ZAR 1.34 (USD 0.0715) level or the 100 simple moving average (4 hours). The primary support is ZAR 1.29 (USD 0.0690), below which there is a risk of a move towards the ZAR 1.22 (USD 0.0650) support.
South African investors who have been tracking the global crypto trends would do well to keep a close eye on these movements, as any changes could present potentially lucrative opportunities. The South African crypto market, like others worldwide, responds to these global shifts, making this a critical time for investors in the country to carefully monitor the performance of cryptocurrencies like TRX.