While Tron ecosystem has attracted a lot of volumes in the past months, its price increased exponentially with over 100% gain in the past year. It is trending highly bullish this month following a recent breakout.

The continuous increase in TRX’s price has gained a lot of traction amongst traders and investors, bringing its current market cap to $10.8 billion at the time of writing. 

However, looking back to where the price started to pick up from the $0.455 level in November 2022, it has registered an impressive gain following a steady increase in the past months. It broke out of an ascending triangle in January and closed strong after retesting it as support.  

It reiterated positive actions this month and surged consistently to the peak of $0.127 on Tuesday. It slightly fell off that peak level due to a sharp rejection. It is currently trading in an ascending channel on the daily chart.

That rejection could facilitate a slight retracement to the channel’s lower boundary before resuming bullish. If that fails, it may continue to test the channel’s upper boundary until retracement occurs. Breaking away from this channel will determine the next actual direction of the market.

So far, TRX has shown no signs of stopping yet as it is likely to continue rallying hard on the monthly scale. Its long-term bullish trajectory remains intact.

Tron’s Key Level to Watch

Source: Tradingview

Considering a channel breakup, the potential resistance level to watch above the current weekly high is $0.135, followed by the $0.145 level.

The key support levels to watch for a retracement are $0.117 and $0.113, located inside the channel. A breakdown from there could validate a bearish move to the $107 support level before dropping lower.

Key Resistance Levels: $0.1278, $0.135, $0.145

Key Support Levels: $0.117, $0.113, $0.107

Spot Price: $0.124
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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Filed under: Bitcoin - @ February 8, 2024 9:19 pm