Tron has gained considerable traction in the past months following several usage and adoption of its network. Currently, its price appears stuck at a resistance as it foots a fresh increase above $0.15.
TRX has been on the bulls’ radar over the past year now as the price continues to grow monthly due to a steady increase in the demand level.
However, things have slowed down a bit as it recently entered a small retracement phase. But it has been struggling to gain momentum since the price bounced back from the $0.147 support level some weeks back.
As we can see on the daily timeframe, trading appears uninteresting at the moment as it slowly reaccumulates. But technically, TRX appears to be facing a minor resistance at $0.155 as it negotiates for the next rally.
Compared to several top altcoins that have registered significant gains during this month’s recovery, TRX lags but post little gains – which is not enough to trigger a major rally amid the latest bullish signal.
Flipping through the aforementioned minor resistance to the recent top should give the bulls more control to initiate a bigger price movement in the future. As of now, there’s a little-to-no movement on the daily chart.
Tron’s Key Level to Watch
On the way up, TRX may encounter close resistance at the $0.1617 level before breaking the important $0.17 resistance level – last month’s high – to the all-time high of $0.18. Crossing this high could skyrocket the price to a new high.
There are no signs of drops at the moment. But if the price manages to drop again, especially below the recent support of $0.147, the $0.1395 and $0.13 levels are the next support levels to watch for a deeper retracement.
Key Resistance Levels: $0.1617, $0.17, $0.18
Key Support Levels: $0.147, $0.1395, $0.13
- Spot Price: $0.155
- 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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