Tron has been gaining traction for some days, increasing by more than 7% in a week. It broke above a crucial resistance last month and has remained strong since then as bulls now take charge.
TRX’s performance has been so impressive over the past months. Since the price recovered from the March crash, it has been on the rise despite facing a lot of resistance levels along the way.
It broke through the $0.07 crucial resistance area last month after facing multiple rejections in the preceding month. It retraced slightly and initiated another buy to the high of $0.0857 yesterday. It encountered resistance there and retraced back to where it is changing hands at around $0.081.
The recently broken resistance area has now turned support. It is serving as a strong defence area against possible dip just like the one experienced in the first quarter.
So far, it has charted approximately 57% gains since the start of the year. If by any means the price collapses below that support area, TRX could regain momentum from the ascending trendline forming on the daily chart.
From a technical standpoint, the trend looks strongly bullish from a mid-term perspective. Although the price appeared to have reached an overbought zone on the daily due to the recent rejection. It might look for nearby support to foot another rally in the coming days.
Tron’s Key Level to Watch
Now that the buying pressure is temporarily paused, we may need to consider levels for pullbacks. The closest support to keep in mind is $0.8 followed by $0.0763 and $0.074. A drop below this level could bring a retest at $0.0716 and $0.070.
If TRX resumes buying and manages to flip the previous high, the next resistance to pay attention to is $0.0888 and perhaps $0.092
Key Resistance Levels: $0.085, $0.088, $0.092
Key Support Levels: $0.080, $0.0763, $0.074
- Spot Price: $0.0818
- 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.