Tron’s native token is up by 6% today as the global crypto market continues to increase daily. While the price is trading back at a pivot level after a week of recovery, we may see an upsurge soon.
After dipping to $0.2 last week, TRX found solid support and bounced back quickly. This led to a slight price increase and the crypto traded back at around the important $0.25 level at the time of writing.
This trading level has been a barrier level for the bulls for over a month. Now that they are back at this important level again, we may see a major breakthrough if they show strong commitment.
Otherwise, it may continue to hover around this trading level until a surge occurs. While it is still providing a discount on the short-term, we can expect a massive rally once the bulls finish accumulating for a long-term gain.
If this rally comes into play, TRX may tap the $1 level without any hassle. A rally above this level should set a bigger bullish tone in the market. For now, there’s no enough volume to facilitate such move.
Having said that, the bears are not giving up. If they step back in action, TRX may roll back to its recent bottom. Though, it may be footing a bullish move but is still considered bearish on the daily timeframe.
TRX’s Key Level to Watch
There are lot of obstacles on the way up, but the immediate resistance to watch for buying is $0.275. The next resistance level to consider for a test is $0.31, followed by the $0.37 level.
If the price rolls back down, there’s close support at $0.217. Losing this support may result in a dip to the $0.186 level. The lower level for a crackdown is $0.165.
Key Resistance Levels: $0.275, $0.31, $0.37
Key Support Levels: $0.217, $0.186, $0.165
- Spot Price: $0.248
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.