The price of TRON is currently approaching a crucial resistance level at $0.1443 as bulls regained dominance after a brief pullback that reached a low of $0.1310. As bulls continue to push the price of the crypto asset higher, it has attracted the attention of investors and Marketplace analysts, questioning whether this upward momentum can continue and push TRX past the $0.1443 mark, thus setting the stage for further gains.
As the bullish sentiment around TRX continues to grow, this article seeks to analyze its current price movements and the technical indicators that suggest sustained growth. The goal is to determine whether this rally impulse may continue and propel TRON past the $0.1443 mark.
Market Overview: Recent Bullish Momentum in TRON
On the 4-hour chart, TRX has shown significant bullish momentum as the price climbs above the 100-day simple moving average (SMA), signaling a potential uptrend and increasing market confidence level. The cryptocurrency is currently in a steady move towards the key resistance level of $0.1443.
Furthermore, the Relative Strength Index (RSI) signal line on the 4-hour chart has successfully crossed the 50% level, moving towards the 70% level, which is considered in the overbought zone. This move suggests growth optimistic momentum, signaling that buying pressure is intensifying.
On the 1-day chart, after a pullback that reached a low of $0.1310, TRON experienced a bullish surge, marked by the formation of multiple positive momentum candlesticks. Furthermore, the price of the crypto asset is trading above the 100-day SMA, suggesting bullish market sentiment.
The signal line of the 1-day RSI indicators has also successfully climbed above the 50% level, which is currently moving towards the overbought zone, suggesting that the digital asset may continue its rise towards the $0.1443 resistance level.
Potential Scenarios: What If TRX Breaks Above $0.1443?
TRON is currently bullish, targeting the key resistance level of $0.1443. A successful breakout above this resistance could signal further earningspotentially pushing the asset towards its all-time high from $0.1804 and beyond.
If the TRON price fails to break above the $0.1443 resistance level, it could result in the price retracing towards the previous low of $0.1443. If the crypto asset breaks below this level, it could signal a fresh downward move, possibly targeting the $0.1102 range and other lower levels.
TRX price was trading at approximately $0.139 and was up 1.35%, with a market cap of over $12 billion and a trading volume of over $252 million at the time of writing. Over the past 24 hours, the asset’s market cap has increased by 1.36%, while its trading volume has increased by 14.86%.