After witnessing a deeper correction throughout last month, Tron TRX found a solid ground level and increased slightly. The price appeared strong this month as it created another bullish setup on the daily timeframe.
Going back to where TRX started to increase in 2023, the price has seen nice growth as it exploded by more than 200% in terms of profit so far. This led the bulls back in the market as it now sits above $10.6 billion worth of market cap.
Reaching a multi-month high of $0.144 in late February, TRX lost momentum and ended the first quarter of the year in a correction mode.
Interestingly, it recently found a solid ground and is now looking poise for a recovery following a newly formed bullish pattern on the daily chart. The bulls are attempting to reclaim their spot but the demand level looks low at the moment.
An increase in the demand level could activate a huge buying pressure and at the same time bring a fast recovery in the market. The bears are currently exhausted. But if they regain control, the price will likely break lower.
Nonetheless, the market is still favouring the bulls from a long-term perspective. Even if the bearish correction extends, there’s still hope for them to regain dominance. As it appears now, they are trying to come back.
Tron’s Key Level to Watch
Now that the price is trading at the $0.124 resistance level, we may see a push to the $0.134 level. The $0.144 resistance level is the next buying target if the price advances higher.
Towards the downside, the $0.116 level is acting as monthly support. Below this support lies March’s low of $0.11. If they fail to bolster well, the next level to consider as support would be $0.1.
Key Resistance Levels: $0.124, $0.134, $0.144
Key Support Levels: $0.116, $0.11, $0.1
- Spot Price: $0.123
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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