Tron’s price has been gaining traction lately following a lot of development that evolves around its ecosystem. However, it has performed well and has increased by 40% since the start of the year.
After witnessing a 30% rally in January, Tron went on a long squeeze and broke out to the $0.0713 resistance level during last week’s trading. But this level witnessed a quick rejection as the price wicked down. The following day saw the price nosedive sharply and lost the break level of $0.0655.
TRX later found support at $0.062 and regained momentum back to the rejected level in a week. It reinitiated a sell-off at that price yesterday but has managed to stay above the break level over the past hours.
The price is down by 4.4% at the moment. Though, buyers have reacted to the price a little. It could resume positive actions shortly.
But if the above resistance level continues to threaten the bulls, the asset could retrace lower to look for a solid rebound level. Another thing to consider for a retracement lies in a potential drop in Bitcoin’s price.
If not, we should anticipate a heavy price movement once this critical resistance level conquers. Tron remains bullish. It will have to drop below the yearly low before confirming a bearish action.
Tron’s Key Level to Watch
the cryptocurrency has just found support above the broken price level mentioned above, although not strong enough compared to the previous support at $0.062. The January pullback level of $0.0588 still holds as support in case of a heavy drawdown.
If TRX retakes yesterday’s resistance, the closest level to keep in mind lies at $0.074, followed by a minor resistance at $0.077 before rallying high to $0.08.
Key Resistance Levels: $0.0716, $0.074, $0.08
Key Support Levels: $0.0655, $0.062, $0.0588
- Spot Price: $0.067
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: inueng/123RF // Image Effects by Colorcinch
