TRON's price consolidates near $0.080 against the US Dollar, potentially outperforming Bitcoin if above this level. Recently, TRX experienced a gradual decline from $0.094, following Bitcoin and Ethereum's pattern. It dipped below $0.0850, entering a short-term bearish zone.
TRX/USD trading pair, we observed a significant decline below the key support level of $0.0835. However, the decline found support around the $0.080 level, where bullish activity was evident. As a result, a low point was established near $0.0802, leading to a period of consolidation to offset the losses.
Currently, TRX is trading above the $0.0814 level and the 50-hourly simple moving average, indicating a potential upward movement. Furthermore, we can identify a crucial bullish trend line taking shape on the 4-hour chart of the TRX/USD pair, providing additional support around $0.0805.
The #TRX token is showing positive signs, with initial resistance anticipated around the $0.08230 area. If it surpasses this level, the next obstacle lies at approximately $0.08350. A decisive close above $0.0835 might trigger further upward momentum for TRX. In the event of a breakthrough above this level, the bulls may set their sights on the significant $0.0872 threshold, paving the way for a more substantial surge towards the key $0.0900 zone in the forthcoming days.
In the event that the TRX price encounters difficulty in surpassing the $0.08240 resistance, there is a possibility of a continuation of its decline. The initial support on the downside is expected around the $0.0800 zone, which aligns with the trend line. If this support is breached, the first major support level lies near $0.079. A breach below this level might result in an accelerated decline towards the $0.0760 mark.
Based on Coingabbar Price Analysis, the #TRON has a market value of $7,142,336,645. The coin's 24-hour trading volume is around $197,727,472.
KEY LEVELS :
RESISTANCE LEVEL : $0.08130-$0.08240
SUPPORT LEVEL : $0.07950-$0.07840
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.