Amidst the latest increase across the crypto space, Tron TRX took a bow and continued to retrace downward on the daily chart. It currently appears weak but the trend remains bullish from a long-term perspective.

TRX has been on the rise for almost a year and a half, recording back-to-back gains monthly with no signs of reversal up till this moment.

However, it is currently undergoing a retracement movement after touching a three-year high of $0.144 late last month. The price is now trading near horizontal support on the daily chart. Adjusting to the lower timeframe, the price is suggested a bit weak on the hourly chart.

While its bullish trajectory remains intact from a long-term perspective, the asset is likely to regain strength as soon as it bounces back above the white parallel trendline – serving as dynamic support since last August.

If this trendline fails to produce support this time, a crack below it may trigger a shift in the trend and at the same time lead to a huge sell-off in the market. But considering the higher high and higher low formation over the past months, such a scenario doesn’t look realistic at the moment.

Once the price bounces back, TRX would need to reclaim last month’s high to sustain its long-term bullishness. So far, it has registered roughly 200% in the last seventeen months.

Tron’s Key Level to Watch

Source: Tradingview

Now that the price is facing downward, the support level to watch for a retracement is $0.128. The key support for rebound lies at $0.117, which coincides with the parallel trendline. $0.1 is the next level to watch for a crackdown.

The $0.144 level is currently held as resistance. If the price resurges above this level, the next buy target would be $0.16 and $0.18.

Key Resistance Levels: $0.144, $0.16, $0.18

Key Support Levels:  $0.128, $0.117, $0.1

Spot Price: $0.132
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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Image Source: slavstan/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ March 13, 2024 9:16 pm