Tron (TRX) has showcased a robust recovery in recent trading sessions, demonstrating a significant rebound from the support level at $0.105. This recovery comes after a period of volatility that saw TRX reaching a high of $0.14450 in late February, followed by a sharp downturn. Currently, the live TRX price stands at $0.122174, with a 24-hour trading volume of $415,904,515, marking a 3.16% increase in the last 24 hours.
The recovery from the $0.105 support level indicates a strong market sentiment and potential for further gains. The technical analysis highlights a descending wedge pattern that was breached during the recent uptick, suggesting a reversal of the previous downward trend. The price moved above the 20-day Exponential Moving Average (EMA) and climbed above the 50-day EMA, providing additional bullish signals.
The key support level is firmly established at $0.105. This level has proven pivotal for TRX, serving as a springboard for the recent price recovery. Immediate resistance is observed at $0.13000, followed by a more significant barrier at $0.14000. These levels will be crucial for Tron to test in the upcoming sessions to maintain its upward trajectory.
TRX Bounces Off Key Support Levels, Signaling Potential Uptrend
Tron (TRX) has demonstrated a positive upward trend in the recent 4-hour chart, marked by a steady climb from key support levels.TRX has shown resilience, bouncing back strongly after testing lower support boundaries earlier in the trading cycle.
TRX is now trading above the 20, 50, and 100-day EMAs, which are positioned at $0.1193, $0.1180, and $0.1168 respectively. This alignment above all three EMAs is a bullish signal, indicating strong upward momentum and potential for continued gains.
The RSI for TRX is currently at 52.06, which is slightly above the midpoint of 50. This suggests a moderate bullish momentum without venturing into overbought territory, giving room for further upward movement.
The MACD line is slightly above the signal line and shows a small bullish divergence. This setup suggests that buying pressure is starting to outweigh selling pressure, potentially leading to further price increases.
In the recent sessions, TRX has successfully tested and bounced off the support level at approximately $0.1180, which coincides with the 100-day EMA. This support level has proven significant, providing a strong base for the current recovery. The upward movement has been steady, with TRX progressively setting higher lows, which is indicative of growing investor confidence and a bullish market sentiment.
The immediate support on this timeframe is now seen at around $0.1180, which aligns with the 100-day EMA. Maintaining this level will be crucial for TRX to sustain its bullish outlook. On the upside, the next significant resistance is around $0.1300. This level previously acted as a strong resistance and will be a key hurdle for TRX in the near term.
The trading volume accompanying the recent price rise has been robust, indicating active participation and interest in TRX from the trading community. As TRX approaches the critical resistance at $0.1300, the market’s response to this level will be pivotal in determining the short-term trajectory of the price movement.
