Tron’s market structure is still looking bullish from a long-term perspective. After taking a little break in buying, it recently initiated another rally after going through a short retracement.
After exploding massively to a peak of $0.17 in August, TRX lost steam and retraced in the late month. This retracement led to a serious drop throughout the month of September but later found solid ground.
The $0.147 level produced support with a double-bottom formation and the price climbs slowly daily. Luckily for the bulls, volatility enhanced this week and the asset increased by 6% to tap $0.164 a few hours ago.
As trading becomes highly volatile on the day, TRX is approaching the recent peak and from the look of things, it may see a slight rejection. Flipping through it could trigger huger rally before making a pullback.
Inversely, losing momentum from the current trading level caused a slight drop to the minor $0.1617 level that flipped during today’s surge. From there, we can expect a recovery. The monthly low is considered a key price level for a major dip.
Currently, the bulls are in control of the market. A surge in volatility can be expected as the market structure remains bullish on a long-term scale.
Tron’s Key Level to Watch
Source: Tradingview
The mentioned peak is currently the key target resistance for the bulls. If they successfully push through it, the $0.180 level is the next resistance to watch for a test before surging to $0.2 – a potential new high.
The $0.155 level is marked as support in case of a drop. The monthly $0.147 low is the next support to watch for a test. Losing it may cause a serious drop in the $0.1395 support. Below it lies $0.13.
Key Resistance Levels: $0.17, $0.18, $0.20
Key Support Levels: $0.155, $0.147, $0.1395
Spot Price: $0.163
Trend: Bullish
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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