TRX Nearing Crucial $0.124 Resistance: Will the Bullish Momentum Continue?

TRX is showing a promising breakout from its recent triangle pattern, as highlighted by CryptoJack, Founder of marketspotter. This bullish move has sparked interest among traders, with many eyeing a potential 2x increase in TRX’s value. 

As of press time, TRX is trading at $0.1239, testing a significant resistance level at $0.124. This level has posed a challenge for the price, as it faces selling pressure here. However, if TRX breaks through this resistance, the next targets lie between $0.126 and $0.128. These levels were previous highs and could act as the next resistance zones.

On the downside, TRX has strong support around $0.121. This level has been tested multiple times and has consistently acted as a floor, providing a springboard for price bounces. Below this, $0.120 is a psychological support level, offering recent support. These levels are crucial for traders to watch, as they provide potential entry points in case of a price dip.

Analyzing the recent price movement, TRX has shown an upward trend over the past day. The price has risen significantly from around $0.1207 to its current level of $0.1239. This increase reflects a growing bullish sentiment in the market, further evidenced by a 2.37% rise in market cap. However, it’s important to note that trading volume has decreased by 21.43%. This drop in volume might suggest weakening momentum or less trading activity despite the price rise, which could be a concern for some traders.

In terms of technical indicators, TRX’s 1-week RSI reads 70.33, placing the asset in neutral to slightly bullish territory. Currently, the 1-week MACD is trading below the signal line, with a reading of 0.00292662. This bearish signal indicates that the bullish momentum may be weakening. If this trend continues, there is potential for a bearish reversal or continued consolidation.