Since the price bounced back in late May, Tron has posted an impressive gain and continued to recover daily. It just broke a key resistance level with no signs of slowing down yet. It is now aiming for February high.
When most altcoins were undergoing a serious dip during last month’s correction, TRX struggled with volatility but later regained strength and slowly climbed back following a rebound in the preceding month.
Trading became highly volatile in the late month, closing above $0.126. Starting July on a strong note, volatility increased yesterday and the price broke the $0.1275 resistance level – May’s high – to $0.13.
A rejection occurred there and the price dropped briefly to where it is sitting and trading well above May’s high. The buyers are currently regrouping. A continuous close above the previous daily candle should facilitate bigger price movement in the next few days.
If the price drops as a result of yesterday’s rejection, the market may pull back to look for a key support level before resuming bouncing back.
It is important to note that the latest monthly breakout has confirmed the double-bottom formation from the $0.105 level. This should lead to a massive price growth in the coming weeks as the bull remains in control.
Tron’s Key Level to Watch
The immediate resistance for TRX in the next surge is $0.134, followed by the current yearly high of $0.144, marked in February. A break above this high could skyrocket the price to $0.155 and $0.2 in the mid-term.
Holding the recently broken $0.127 resistance as daily support should fuel more gains. A drop below this holding support could pull the price back to the $0.12 support. There’s also support at $0.11 in case of drops.
Key Resistance Levels: $0.134, $0.144, $0.155
Key Support Levels: $0.127, $0.12, $0.11
- Spot Price: $0.128
- 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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