Tron recently saw a deep correction after posting a substantial gain in the past month. It has found support and appears to be footing a new positive action. The price is up 2% daily.
In May, Tron surged through a critical $0.071 resistance zone after failing to overcome it since the start of the year. It advanced rally and closed the month above the $0.085 level.
Unfortunately, the rally stopped at that level and the price started to fall following the monthly crackdown. The price fell to as low as $0.065 to test a support trendline, forming since last November. It saw a rejection there and bounced off a few days after.
Now that the price rolled back beneath the mentioned critical resistance, TRX may find it difficult to push through it. However, a successful increase above the resistance should facilitate another major rally towards the $0.1 level.
Should the resistance zone suppresses buying pressure in the future, it may suspend bullish actions and remain in a consolidation mode to fuel a strong positive action. Otherwise, the asset could initiate a fresh drop from there. For the past six months now, it has increased by roughly 33%.
Tron’s Key Level to Watch
TRX is yet to show a strong buy on the daily. If the price increases, the immediate resistance level to watch out for lies at $0.0716 and $0.074. Higher resistance levels to keep in mind are $0.076 and $0.080.
As of now, the last week’s low level is held as support. A drop below the support line could cause a serious decline on the daily. The key support level to keep in mind would be $ and $.
Key Resistance Levels: $0.074, $0.076, $0.080
Key Support Levels: $0.067, $0.0645, $0.06
- Spot Price: $0.070
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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