Tron Bulls Push for Breakthrough: Can TRX Surpass $0.1443?
July 29 2024 - 9:00AM
NEWSBTC
The Price of TRON is currently approaching a crucial resistance
level at $0.1443, with bulls regaining dominance after a brief
pullback that bottomed out at $0.1310. As the bulls continue to
push the price of the crypto asset higher, it has drawn the
attention of investors and market analysts alike, with the question
of whether this upward momentum can continue and push TRX beyond
the $0.1443 mark, thereby setting the stage for further gains. As
bullish sentiment around TRX continues to build, this article seeks
to analyze its current price movements and the technical indicators
suggesting sustained growth. The goal is to determine if this
upward momentum can continue and propel TRON past the $0.1443 mark.
Market Overview: Recent Bullish Momentum in TRON On the 4-hour
chart, TRX has shown a significant bullish momentum as the price
rises above the 100-day Simple Moving Average (SMA), signaling a
potential bullish trend and increased market confidence level. The
cryptocurrency is presently on a steady move towards the key
resistance level of $0.1443. Additionally, the signal line of
the Relative Strength Index (RSI) on the 4-hour chart has
successfully crossed the 50% level, moving towards the 70% level,
considered to be in the overbought zone. This movement suggests
growing bullish momentum, signaling that buying pressure is
intensifying. On the 1-day chart, following a pullback that
bottomed out at $0.1310, TRON has experienced a bullish surge,
marked by the formation of several positive momentum candlesticks.
Furthermore, the crypto asset’s price is trading above the 100-day
SMA, suggesting an optimistic market sentiment. The signal line of
the 1-day RSI indicators also has successfully risen above the 50%
level, which is presently moving towards the overbought zone,
suggesting that the digital asset may continue its bullish rally
toward the $0.1443 resistance level. Potential Scenarios: What If
TRX Breaks $0.1443? TRON is currently bullish, targeting the key
resistance level of $0.1443. A successful breakout above this
resistance could signal further gains, potentially pushing the
asset toward its all-time high of $0.1804 and beyond. If TRON’s
price fails to break above the $0.1443 resistance level, it may
result in the price retracing toward its previous low of $0.1443.
Should the crypto asset break below this level, it could signal a
further downward movement, possibly targeting the $0.1102 range and
other lower levels. TRX’s price was trading at approximately $0.139
and was up by 1.35% with a market capitalization of over $12
billion and a trading volume of over $252 million as of the time of
writing. In the last 24 hours, the asset’s market cap has increased
by 1.36%, while its trading volume has increased by 14.86%.
Featured image from iStock, chart from Tradingview.com
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