Tron remains in an accumulation phase as the price continued to stall under a crucial resistance for almost two months. Although, the trend appears bullish but the price needs to break out to sustain momentum.
Since the price fell from the $0.113 level last November, TRX has been finding it difficult to push through the $0.11 level – which has become a crucial resistance on the daily chart.
However, it is still showing signs of strength as it foots a massive bullish rally with a series of established supports in the past weeks. It just bounced off the $0.101 level recently and is now attempting to test this crucial resistance again.
As shown on the daily graph, the price is captured in an ascending triangle pattern, suggesting a potential upsurge. If the price pushes through this resistance – validating a triangle breakup – we can expect a huge price explosion. This should confirm a continuation of the existing trend as well.
If the market moves in the opposite direction with a notable drop below this ascending triangle, the price may dip to the $0.091 support before rebounding. A bigger drop may surface if the price drops below this support.
Once the price remains trapped in the ascending triangle pattern, TRX will continue to accumulate until it finds a breakout. Currently, the trend is neutral-bullish on the daily chart.
Tron’s Key Level to Watch
Considering a breakup of this triangle, TRX will first reclaim its previous $0.113 high before tapping the $0.12 level. After that, the $0.13 level would be the next resistance level to keep in mind.
Even though a triangle breakdown occurs, the price must drop below the holding $0.101 support before one can consider the $0.0976 and $0.0957 levels as the next support.
Key Resistance Levels: $0.113, $0.12, $0.13
Key Support Levels: $0.101, $0.0976, $0.091
- Spot Price: $0.107
- Trend: Neutral-Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.