Tron’s price has been gaining traction lately following a lot of development that evolves around its ecosystem. However, it has performed well and has increased by 40% since the start of the year.
After witnessing a 30% rally in January, Tron went on a long squeeze and broke out to the $0.0713 resistance level during last week’s trading. But this level witnessed a quick rejection as the price wicked down. The following day saw the price nosedive sharply and lost the break level of $0.0655.
TRX later found support at $0.062 and regained momentum back to the rejected level in a week. It reinitiated a sell-off at that price yesterday but has managed to stay above the break level over the past hours.
The price is down by 4.4% at the moment. Though, buyers have reacted to the price a little. It could resume positive actions shortly.
But if the above resistance level continues to threaten the bulls, the asset could retrace lower to look for a solid rebound level. Another thing to consider for a retracement lies in a potential drop in Bitcoin’s price.
If not, we should anticipate a heavy price movement once this critical resistance level conquers. Tron remains bullish. It will have to drop below the yearly low before confirming a bearish action.
Nivelul cheie al lui Tron de urmărit
the cryptocurrency has just found support above the broken price level mentioned above, although not strong enough compared to the previous support at $0.062. The January pullback level of $0.0588 still holds as support in case of a heavy drawdown.
If TRX retakes yesterday’s resistance, the closest level to keep in mind lies at $0.074, followed by a minor resistance at $0.077 before rallying high to $0.08.
Niveluri cheie de rezistență: $ 0.0716, $ 0.074, $ 0.08
Niveluri cheie de asistență: $ 0.0655, $ 0.062, $ 0.0588
- Preț spot: $0.067
- Tendinţă: Bullish
- Volatilitate: Jos
Dezvăluire: Acesta nu este un sfat de tranzacționare sau de investiții. Cercetați-vă întotdeauna înainte de a cumpăra orice criptomonedă sau de a investi în orice serviciu.
Sursa imagine: inueng/123RF // Efecte de imagine de Colorcinch
Source: https://nulltx.com/tron-price-analysis-prediction-feb-21st-trx-faces-critical-resistance-after-breaking-to-a-multi-high-level/