After breaking out of an ascending triangle this month, TRX rolled back into it and found a solid ground. It regained strength last week and bounced back but is yet to break out of its previous resistance.
Last week saw TRX through a small drop but later resurged back to the top after sitting above $0.105 for seven days. The bulls appear back on the daily chart as they might claim more highs soon.
The price is currently facing a resistance on the daily chart. A continuous push could activate a surge above last week’s high in continuation of the existing bullish trend. The $1.5 level is the price range to watch for such a rally.
If the price drops from the current trading level, we may a brief pullback to the triangle before it resumes long-term bullish. In the middle of that, it is technically contracting for a big price movement on the daily.
Instead of losing momentum as most altcoins have experienced in the past few weeks of corrections, the price remains strong on monthly as it continued to increase by the day. It is currently in an accumulation phase.
Should the price plunges below last week’s support, leading to a rollover of the triangle, we can expect a downtrend until it finds support. Currently, TRX remains bullish as there are no strong signs of sellers in the market.
Tron Key Level to Watch
If the bulls retake the monthly $0.117 resistance this week, their next area of interest would be $0.125. There’s a close resistance at $0.13 in case of more push.
The market is currently supported by the $0.107 level. A breakdown from there could send the price to $0.101, followed by the $0.0976 and $0.095 supports.
Key Resistance Levels: $0.117, $0.125, $0.13
Key Support Levels: $0.107, $0.101, $0.0976
- Spot Price: $0.113
- 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.