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.
Report Unevil TRX and JST Propel TRON Ecosystem to Profitability PeakAnalyzing 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.
