In a fresh surge, Tron’s price broke out to a multi-year high following a significant increase in demand this week. The price has increased by over 27% in the last 24 hours, and it looks bullish on the weekly chart.
TRX bounced off the $0.116 level three weeks ago after witnessing a monthly breakdown at $0.131. The price increased consistently but later pulled back before resuming buying pressure last week.
Although the buying was a bit slow and choppy as it gathers liquidity on a daily scale. It reclaimed the breakdown level and closed well at $0.135
As expected, trading volume increased significantly this week and the price exploded massively to a daily high of $0.166, marking its highest price level in over three years of trading. It has retraced briefly in the past hours but the price is still looking very strong on the daily chart.
A further surge in volatility could bring a test at the April 2021 high – marked as the current all-time high (ATH) – before deciding the next direction. If the latest rejection leads to a drop, we can expect a slight retracement before resuming bullish at full speed.
Nonetheless, this week marks the asset’s highest volatile buying period since the price picked up at the $0.045 level in November 2022. Bigger price movements should be expected as soon as the price breaks above its current ATH.
Tron’s Key Level to Watch
Source: Tradingview
The closest target for buying right now lies at the $0.17 resistance – the April 2021 high, followed by the $0.18 resistance (the current ATH). A surge through these price levels could activate a 100% increase in the long term.
In case of a retracement, the key levels to consider for support would be $0.158 and $0.1495. Lower support levels to keep in mind are $0.144 and $0.1395.
Key Resistance Levels: $0.17, $0.18, $0.2
Key Support Levels: $0.158, $0.1495, $0.144
Spot Price: $0.164
Trend: Bullish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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