After bouncing off a key support level in September, TRX showed signs of strength and recovered to the recent top. Facing rejection, it briefly lost momentum but remains strongly bullish from a long-term outlook.
TRX’s performance has been impressively overwhelming over the past months following a steady increase. After bouncing from a key support level two months back, it advanced bullishly and broke higher to the key $0.17 level this week.
Rejecting this key level due to the recent drops, it lost grip and retraced briefly, although the trend still looks bullish on the daily chart. As a result, we can expect more buying actions in the coming weeks.
Currently, buying pressure appears low as it slowly gathers momentum daily. While the latest price actions indicate an incoming surge, TRX may explode massively to the upside as it nears an all-time high. A break out of this high could lead to a major rally.
Looking back from where the price started to pick up from $0.045 in November 2022, TRX has registered over 250% gains so far.
It has slowed down buying since Thursday. If that becomes serious, the asset must plunge below $0.1 before we can consider a bearish move in the short term. But from the look of things, the bulls are much more likely to gain dominance.
Tron’s Key Level to Watch
Source: Tradingview
Retaking the recent $0.17 high could rally the price straight to the $0.18 level (all-time high) before breaking higher. The possible areas for a test are $0.2 and $0.22.
Towards the downside, the $0.164 level is considered a nearby support for drops, followed by $0.155. Other support levels to keep in mind are $1.47 and $0.1395.
Key Resistance Levels: $0.17, $0.18, $0.20
Key Support Levels: $0.155, $0.147, $0.1395
- Spot Price: $0.166
- 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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