Following a recent monthly bounce, which brought the bulls back after a short break, TRX advanced higher this week with another 10% gains. It appeared strongly bullish, looking set for a bigger price movement.
Recent data from Token Terminal has shown that Tron’s protocol revenue has outperformed Ethereum’s by 50%. If the trend continues, the revenue could even surpass $2 billion this year according to Justin Sun – the founder of Tron.
However, its native token – TRX has increased by roughly 4% today in continuation of the monthly gain. It is currently pacing strongly on the daily chart, aiming to break out of a key trading zone in the mid-term.
Although the $0.135 level may pose a little threat on the way up but we can expect an explosive rally when a major breakout occurs at $0.145.
While the broader market sentiment is becoming greedier by the day, there’s still room for huge growth as the future looks so promising for the asset from a long-term perspective. The monthly outlook shows that the price is still trading in a liquidity zone.
As of now, there are no signs of selling in the market. if by chance the bears show up again, we may see a small pullback before resuming bullish at full speed. TRX has technically maintained a higher high and higher low pattern since April. More positive actions should be expected as long as it maintains this bullish pattern.
Tron’s Key Level to Watch
Reclaiming last month’s $0.1395 resistance should pave the way for a major break out of the yearly high of $0.144 to $0.155. A higher target level for buying would be $0.2 in the near term.
If the price drops, we may see a pullback to the $0.127 support. Failure to bounce off this support may result in a dip to $0.1215, followed by major support at $0.117.
Key Resistance Levels: $0.1395, $0.144, $0.155
Key Support Levels: $0.127, $0.1215, $0.117
- Spot Price: $0.134
- 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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