TRX is now undergoing a retracement after posting an impressive gain last month. However, it may resume buying as its overall market outlook remains bullish monthly following a 200% increase in the past year.
Tron’s bullish trajectory has remained technically valid from a long-term scale despite past months of bearish correction amongst several altcoins.
However, its overwhelming price performance has temporarily halted as it encountered resistance at $0.17 last week. The ongoing retracement has become significantly broad since it reinitiated drops briefly above the $0.16 level. The price currently looks weak daily as it sits at $0.15.
A further decline from where it currently sits could facilitate a broader retracement before resuming a bullish move – the higher high and higher low pattern – at full speed. Failure to resume bullish may result in a continuous decline until it finds a solid ground.
While the last leg up was supported by the August low, a drop below it may invalidate the existing bullish in the short term before picking up again.
But looking at the price setups on a weekly timeframe, TRX looks very promising and is much more likely to post bigger gains in the long term. More buying actions should be expected from a technical standpoint.
Tron’s Key Level to Watch
Source: Tradingview
In the current retracement move, TRX will likely face support at $0.144. Below this price level lies close support at $0.1395 – a key potential rebound level. A broader retracement from here could bring us to $0.13.
For now, the $0.1617 level is held as weekly support. Right above this level lies the $0.17 resistance, where the market initiated a retracement in August. A rebound above these resistance levels could skyrocket the price to $0.18 and potentially $0.2.
Key Resistance Levels: $0.1617, $0.17, $0.18
Key Support Levels: $0.144, $0.1395, $0.13
- Spot Price: $0.15
- Trend: Bearish
- 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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