Aug 16, 2024 12:05
Tron (TRX) is showing strong bullish momentum after a significant rebound at a key support level. This recent shift in momentum suggests that the $0.1443 target is now within reach. As the bullish optimism around Tron’s price continues to grow, traders are closely watching to see if the price could sustain its bullish momentum to reach the $0.1443 level. In this article, we will analyze Tron’s current price movement following the rebound at $0.1259, evaluate the significance of the $0.1443 target, and assess implications for future growth. Tron is currently trading at around $0.1321 and has increased by 1% with a market capitalization of over $11 billion and a trading volume of over $328 Million as of the time of writing. In the last 24 hours, the assets market cap has increased by 0.99%, while its trading volume has decreased by 18.23% Technical Indicators: Bullish Patterns Point Toward $0.1443 For Tron Currently, TRX’s price on the 4-hour chart is bullish, trading above the 100-day Simple Moving Average (SMA) as it heads toward the $0.1443 mark. Since rebounding from the key $0.1259 support, the digital asset has been on an upward trajectory, reflecting growing bullish momentum and the potential for further price increases. Additionally, an analysis of the 4-hour Relative Strength Index (RSI) shows that the signal line of the indicator has successfully risen above 70%, which is considered to be an overbought zone. This position suggests sustained buying pressure and increases the likelihood that the bulls could drive the price toward the $0.1443 target. After a successful rebound at the $0.1259 mark, Tron on the 1-day chart has continued to show bullish resilience while trading above the 100-day SMA. The digital asset printed multiple bullish candlesticks targeting the $0.1443 mark, indicating potential bullish sentiment for the cryptocurrency. Finally, on the 1-day chart, the RSI indicator has successfully crossed above the 50% line, approaching the 60% level. This significant crossover signifies increasing buying momentum and suggests that Trons price may continue its rally and greatly advance toward the $0.1443 target. Resistance Ahead: The Significance Of The $0.1443 Target Recent trading activities show that Tron with strong bullish momentum could reach the $0.2443 target. If the crypto asset reaches this level and breaks above, it could lead to a further bullish move toward the next resistance level at $0.1804 and possibly other ranges beyond. However, if bearish pressure takes over and Trons price fails to surpass the $0.1443 resistance level, the cryptocurrency might start to decline toward the $0.1259 support mark. Should the price fall below this support, it could potentially drop further to test the $0.1102 support level, with additional declines possible if this level is breached. Featured image from iStock, chart from Tradingview.com
World Crypto Global
