Amid the latest dip across the entire crypto space, TRX showed signs of strength and started to gain traction over the past hour. It has witnessed a 3% gain today, while some altcoins shed losses.
In the first quarter of the year, the price of TRX collapsed twice and recovered rapidly following a heavy buyback. But the $0.067 resistance level stopped the buying pressure. Similar price action was attempted in April, but it failed.
Upon several bullish attempts to surpass that resistance level, the cryptocurrency encountered rejections and continued to struggle under it with a low amount of buying volume.
Last weekend saw the price break through that tough resistance level following a consistent and strong buy in the same week. It retested the resistance as support yesterday and resumed buy actions today.
This breakthrough is expected to produce strong buying pressure in the coming days. Although, it is not significant yet. However, the recent candle formations show that buyers are stepping back with an increasing volume compared to the past weeks.
If TRX fails to push further in the future, it may lose momentum and may as well slip below the recent break level. Currently, it is the top-gainer of the market as the trend looks bullish from a short-term perspective.
TRON’s Key Level to Watch
Now that the price is setting up for a rally, the closest resistance level to keep an eye on is $, followed by $. If the price increases further, the buying area of interest would be $ and $.
While the $0.067 level holds as support, the lower level to consider for selling would be $0.0655 in case of drops. The subsequent supports to consider on the way down are $0.064 and $0.062
Key Resistance Levels: $0.0716, $0.0763, $0.08
Key Support Levels: $0.0655, $0.064, $0.062
- Spot Price: $0.068
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: inueng/123RF // Image Effects by Colorcinch
