As several altcoins rolled back to their yearly low in this bearish phase, TRX’s price remained strong monthly and continued to maintain bullish. However, it went through a short retracement but is now set for an increase.
Tron’s performance has been remarkable over the past year and a half as it posted massive gains. However, things have slowed down a little since the price touched the $0.17 level in the past month.
It initiated a drop and retraced by 8% to the $0.147 level earlier this month, marking support at this level and increasing a bit before rejecting $1.55. A slight pullback from there brought the price back into that range last weekend before halting drops.
Trading volatility increased this week and the bias changed to positive due to a rebound. It posted gains this week and now looks strong at the time of writing. As shown on the daily chart, TRX is signalling a buy.
The buy signal could lead to another leg up (a bullish impulsive phase) as it technically ends retracement. If volume flows heavily into the market, this phase could take us to the $0.20 level in the next few days.
An extension of this retracement may lead to more price cuts until it finds a solid rebound level. Its overall outlook remains bullish daily. Yearly, it still holds 80% gains despite months of market corrections.
Tron’s Key Level to Watch
Following the latest buy signal, TRX may reclaim the $0.1617 and $0.17 resistance levels by the end of the month. Breaking higher could bring a test at the $0.18 and $0.19 levels before tapping $0.20.
The $0.147 support currently serves as a key rebound level. If the price dips below it, the market may retrace broadly to $0.139 and potentially $0.13 before rising back.
Key Resistance Levels: $0.1617, $0.17, $0.18
Key Support Levels: $0.147, $0.1395, $0.13
- Spot Price: $0.15
- 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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