Market Analysis

TRON PRICE ANALYSIS & PREDICTION (July 2) – TRX Looks Poise For Huge Gains Following This Resistance Breakout

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

Source: Tradingview

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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Image Source: winst2014/123RF // Image Effects by Colorcinch

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