This week’s trading brought a slight relief in the market after correcting by almost 50% in three weeks. TRX found a temporal support level and now slowly shows signs of strength, potential rally ahead.
The early month explosion saw TRX price through a major milestone as it rallied by 100% in a single day to test exactly $0.45. Unfortunately, it lost buzz due to rejection and was dumped, ending the first week in loss.
It dumped harder this month amid rising supply and the price corrected deeply to as low as $0.22 during last week’s meltdown. The crypto mounted support there and increased slightly amid this week’s recovery.
Closing Monday bullish for the first time in a week, TRX is now sitting well above the $0.25 level as capital gradually flows back into the market. From the look of things, it appeared to have ended correction on a daily scale and if more money rolls in, we can expect a bigger price recovery.
However, if the crypto loses momentum again due to rising supply, the price will continue to correct until it finds a firm support level for a fresh increase. As it stands now, the demand level appears low.
Regardless of that, the trend remains bullish in the long term following a 5x rally in the last two years. The price can hit $1 if the adoption rate rises during this bull cycle.
TRX’s Key Level to Watch
Source: Tradingview
Moving higher, the $0.225 level is an immediate resistance to watch along with the $0.31 level. A push from there could bring a full recovery to $0.37 and the $0.45 resistance level with a potential break up.
Losing grip above last week’s $0.225 low could fuel another leg down to the $0.186 support level. Right below it lies the $0.17 level that flipped as resistance during last month’s surge.
Key Resistance Levels: $0.25, $0.30, $0.37
Key Support Levels: $0.225, $0.186, $0.17
- Spot Price: $0.276
- 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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