- At the moment, TRON (TRX) is positioned rather comfortably when comparing it to the rest of the altcoins.
- For over a month now, TRON has been looking to flip the $0.0815 resistance barrier into a support level.
- This move could lead to a 26% jump in the TRX price.
At the moment, TRON (TRX) is positioned rather comfortably when comparing it to the rest of the altcoins in the bear market. TRON is also attempting to break the resistance barrier on the higher time frame in order to flip it into a support floor. If this move is executed successfully, the bulls will have an opportunity to rally.
For over a month, TRON has been looking to flip the $0.0815 resistance barrier into a support level. The first sign that TRON is ready to move higher will be when buyers step in and the daily candlesticks close above the resistance.
Notably, investors should keep in mind that they need to wait for a retest to confirm the flip into a support level. This will create a chance for TRON to visit the next resistance at $0.101.
While looking at the big picture, this move could lead to a 26% jump in the TRX price.
TRX/USDT 1-day chart (Source: FXStreet).
Although things for TRON might look shabby at the moment, investors should remain patient and not get caught up in the current volatility.
Currently, TRON is sitting above the 50-day, 100-day, and 200-day Simple Moving Averages (SMAs). If this were to change and the daily candlesticks close below the 100-day SMA at $0.069, it could signal a possible weakness from buyers.
At the moment, TRON is trading at $0.08113 after a 0.17% drop in price over the last 24 hours, and reached a high of $0.08174 over the same time period, according to CoinMarketCap.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies