Today, most altcoins across the crypto market appear calmer after charting a significant gain in the past few days. Mid-cap token like Tron is waxing stronger with no signs of slowing down at the moment.
The remaining half of July saw TRX through a notable reduction after crossing over into the month on a positive note. Closing that month bearishly, it posted more losses until the price reached $0.117.
Considering the selling period as a major retracement phase, the price bounced off this price level after a strong re-accumulation and resumed bullish impulsive at full speed.
As seen on the chart below, the price looks very strong as it continued to gain tractions daily. The latest surge in volatility is almost reaching the $0.131 level, where the price broke in the last leg down.
A clear push above this price level should facilitate a bigger surge. If a rejection occurs, we can expect a slight drop from there before resuming bullish. But with the look of things, the bulls should scale through it.
Looking at the bigger picture, TRX is technically back in an upward range, maintaining a higher high and higher low pattern. The price is expected to break to a new multi-month high in the next couple of days.
Tron’s Key Level to Watch
On the way up, the key resistance area to watch for a breakup is the $0.1395 – $0.142 level that formed a double-top last month, followed by $0.144. A break above it should propel buying to $0.155 and $0.17.
In case of a pullback, the nearest support level for a test is $0.127. Other supports are $0.1215 and $0.117. If they fail to contain pressure, May’s low would be the next level to watch.
Key Resistance Levels: $0.1395, $0.144, $0.155
Key Support Levels: $0.127, $0.1215, $0.117
- Spot Price: $0.129
- Trend: Bullish
- Volatility: High
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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