The post TRON’s Recent Surge: Could Bullish Momentum Persist Above Key Resistance Levels? appeared on BitcoinEthereumNews.com.

TRON’s recent price rally has captured significant market attention, as the altcoin achieves a notable 20% increase this week. With key resistance at $0.20 and positive on-chain metrics, analysts are evaluating the sustainability of this bullish momentum. “If TRON can maintain its position above $0.1653, it appears set for potential further gains,” a COINOTAG analyst stated. TRON achieves a 20% weekly surge, breaking significant resistance levels, with strong indicators supporting the bullish trend and potential for further growth. What’s behind TRON’s price surge? TRON has experienced a remarkable upward trajectory, effectively navigating an ascending channel. Recently, the asset broke through crucial resistance levels, with a notable rise to $0.1983, reflecting a robust bullish sentiment. However, this climb presents immediate resistance at the $0.20 mark. Should TRON advance past this price point, it sets its sights on $0.22 as the next target of interest. Importantly, the $0.1653 support level has consistently served as a reliable foothold during previous minor pullbacks. In the event of a price correction, this level could act as a solid base for recovery. Monitoring the resistance at $0.20 is critical, and traders are keenly observing any moves above this threshold to gauge momentum towards new highs. Technical indicators further paint a positive outlook; the 9-period Moving Average (MA) has surpassed the 21-period MA, indicating immediate bullish momentum. This MA crossover is traditionally recognized as a bullish signal, reinforcing the likelihood of ongoing price appreciation. Additionally, the MACD indicator corroborates the bullish trend, with the MACD line (blue) positioned above the signal line (orange). This positioning typically signifies sustained buying pressure, suggesting the rally’s persistence. Source: TradingView On-chain signals: Is the network supporting the rally? On-chain insights present a mixed yet intriguing picture. The Net Network Growth has witnessed a modest increase of 0.56%, indicative of stable network…

---

Filed under: News - @ November 22, 2024 11:21 pm