- Tron experienced a significant decline, finding support near the $0.0850 zone after facing rejection at $0.0910.
- The price of TRX has shown a 2% increase, signaling potential bullish momentum.
- With the next resistance at $0.091, a breakthrough could lead TRX to surge towards $0.095 and possibly even $0.10.
Tron (TRX) encountered a notable setback as it faced rejection near the $0.0910 mark, prompting a downward correction. However, the cryptocurrency found firm support around the $0.0850 zone, marking a crucial turning point.
TRX enthusiasts can take a breath of relief as the digital asset has shown remarkable resilience. The price of TRX has rebounded with a 2% gain, marking a clear signal of potential bullish momentum.
A particularly encouraging development is the break above a pivotal bearish trend line, with resistance hovering around the $0.0850 mark. This move was observed on the four-hour chart of the TRX/USD trading pair, indicating a shift in market sentiment.
TRX is now trading comfortably above $0.0870, supported by the 100 simple moving average (four hours). In the near term, the digital asset faces initial resistance at the $0.0875 level, closely aligned with the 100 simple moving average (four hours).
For traders and investors eyeing a more substantial upswing, the first major obstacle to conquer is at $0.0880. This level corresponds to the 50% Fibonacci retracement of the recent downward move from the $0.0910 peak to the $0.0847 low. A breakthrough here could pave the way for a more substantial upward push.
However, the ultimate target is set at $0.10, with the next significant resistance level lying just shy of $0.091. Should TRX manage to decisively breach this barrier, it could well set its sights on $0.095 before making a daring leap toward the coveted $0.10 mark.
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