Despite past days of negative sentiments across the crypto space, TRX recently initiated a fresh buy and is now plotting to advance higher. It remains bullish and may continue to show strength in the coming days.
TRX is not showing any sign of stopping bullish yet as the price keeps breaking higher weekly. In fact, it just initiated another buy yesterday and may see more growth in the next few days.
Aside from the crucial $0.1 level, which has been standing firmly as support in the past weeks, the $0.107 level has provided support this week in continuation of the higher high and higher low formation on the daily chart.
Taking a close look at the current market structure, TRX seems to be in an accumulation phase, gathering liquidity for a big move. This developing price action may lead to a massive surge in volatility soon.
As can be seen on the daily chart, the steady rise in the volume indicator suggests an incoming increase, which is technically playing out on the price chart.
Currently, there are no signs of weakness. If the bears manage to intercept the next leg up, they must bring the price below the mentioned crucial level before we can start to consider bearish. Otherwise, the bulls will remain in control and continue to sustain pressure daily.
Tron’s Key Level to Watch
Breaking above the ascending triangle last week, TRX pulled back into the triangle and found support. It bounced back and currently aims for the immediate $0.113 resistance level. A weekly close above the $0.117 resistance could fuel a surge to $0.125 and $0.13 in the future.
While sitting on the $0.107 support, a dip below it could bring the price to the crucial $0.101 support and $0.0976 – located below the triangle.
Key Resistance Levels: $0.113, $0.117, $0.125
Key Support Levels: $0.107, $0.101, $0.0976
- Spot Price: $0.11
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.