Tron (TRX) Is Showing Signs of Strength Again, A Big Breakout Is Imminent
- WBOYOriginal
- 2024-07-26 11:43:08564browse
Tron is showing signs of strength again after undergoing a short retracement. While most altcoins are seriously down today, it is trading in the top gainers spot following a 2% increase in the last 24 hours.
After a brief retracement, Tron (TRX) is displaying signs of strength once more. In contrast to the majority of altcoins, which are experiencing significant losses today, TRX is trading among the top gainers following a 2% gain over the last 24 hours.
After nearly reclaiming this year's high, TRX encountered resistance at $0.143 and entered a minor retracement mode last week. This week, it managed to find support above $0.131 and gradually resumed its bullish momentum.
As the asset continues to rise slowly on a daily scale, we might anticipate a significant breakout to a new yearly high within the next few days. Before that, it must recapture this week's high to set the stage for a breakout.
Failure to recapture this high might result in further retracement below the weekly low before TRX resumes its bullish momentum at full speed.
The volume inflow appears to be minimal on the daily timeframe, but the price is exhibiting strength at the time of writing.
It's crucial to note, however, that TRX is still riding a bullish wave over the longer term. There is no indication of bears in the market right now.
Even if they do manage to return, the price must fall below the $0.1 level for us to anticipate a bearish shift in the market structure. As things stand, the bulls are still gaining the upper hand.
Tron’s Key Levels to Watch
There are several levels on the way up but the main resistance to watch for a breakup is the $0.144 level – February high. The next test level above this resistance would be $0.155 and $0.17 in no time.
If the price retraced below the weekly low, the immediate level to consider for drops would be the $0.127 support. Below this support lies $0.12, followed by May's $0.11 low.
Key Resistance Levels: $0.144, $0.155, $0.17
Key Support Levels: $0.127, $0.12, $0.11
Disclosure: This is not financial or trading advice. Always conduct thorough research before making any cryptocurrency purchases or service investments.
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