The Price of TRON is currently approaching a crucial resistance level at $0.1443, with bulls regaining dominance after a brief pullback that bottomed out at $0.1310. As the bulls continue to push the price of the crypto asset higher, it has drawn the attention of investors and market analysts alike, with the question of whether this upward momentum can continue and push TRX beyond the $0.1443 mark, thereby setting the stage for further gains.
As bullish sentiment around TRX continues to build, this article seeks to analyze its current price movements and the technical indicators suggesting sustained growth. The goal is to determine if this upward momentum can continue and propel TRON past the $0.1443 mark.
Market Overview: Recent Bullish Momentum in TRON
On the 4-hour chart, TRX has shown a significant bullish momentum as the price rises above the 100-day Simple Moving Average (SMA), signaling a potential bullish trend and increased market confidence level. The cryptocurrency is presently on a steady move towards the key resistance level of $0.1443.
Additionally, the signal line of the Relative Strength Index (RSI) on the 4-hour chart has successfully crossed the 50% level, moving towards the 70% level, considered to be in the overbought zone. This movement suggests growing bullish momentum, signaling that buying pressure is intensifying.
On the 1-day chart, following a pullback that bottomed out at $0.1310, TRON has experienced a bullish surge, marked by the formation of several positive momentum candlesticks. Furthermore, the crypto asset’s price is trading above the 100-day SMA, suggesting an optimistic market sentiment.
The signal line of the 1-day RSI indicators also has successfully risen above the 50% level, which is presently moving towards the overbought zone, suggesting that the digital asset may continue its bullish rally toward the $0.1443 resistance level.
Potential Scenarios: What If TRX Breaks $0.1443?
TRON is currently bullish, targeting the key resistance level of $0.1443. A successful breakout above this resistance could signal further gains, potentially pushing the asset toward its all-time high of $0.1804 and beyond.
If TRON’s price fails to break above the $0.1443 resistance level, it may result in the price retracing toward its previous low of $0.1443. Should the crypto asset break below this level, it could signal a further downward movement, possibly targeting the $0.1102 range and other lower levels.
TRX’s price was trading at approximately $0.139 and was up by 1.35% with a market capitalization of over $12 billion and a trading volume of over $252 million as of the time of writing. In the last 24 hours, the asset’s market cap has increased by 1.36%, while its trading volume has increased by 14.86%.
Featured image from iStock, chart from Tradingview.com
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