Share:
  • TRON price is at a crossroads as it approaches $0.0862 resistance level. 
  • A breakout could trigger a 30% move to the next key level at $0.1124.
  • Another rejection could see TRX collect the sell-side liquidity below $0.0718, $0.0644 and $0.0548 levels. 

TRON (TRX) price is attempting to overcome a resistance level for the third time this year. Another failure could prove costly for TRX holders, but a breakout could trigger a massive uptrend. 

Also read: This short-term Bitcoin holder indicator forecasts another rally for BTC

TRON price faces tough decision

TRON price has created a range, extending from $0.0466 to $0.0862 in late May and early June 2022. Since then, TRX has attempted to overcome the range high twice in June and July 2023, but failed to do so. Rejection has led to steep correction both times. 

Now, TRON price is approaching the $0.0862 level again with the Relative Strength Index (RSI) hovering just below the overbought level. The Awesome Oscillator (AO) shows bears’ failed attempt to take over as it hovers above the zero level.

Since both indicators are bullish, investors looking to short TRX should be cautious. Instead, traders need to wait for TRON price to make its move above $0.0862. A decisive flip of this hurdle into a support floor could set the stage for it to trigger a 30% rally to $0.1124 hurdle.

TRX/USDT 3-day chart

TRX/USDT 3-day chart

On the other hand, if TRON price faces rejection with RSI and AO producing divergence, it would signal waning bullish momentum. In such a case, TRX could eye the sell-side liquidity resting below August 17, June 9 and March 11 swing lows at $0.0718, $0.0644 and $0.0548, respectively.

Also read: Bitcoin's implied volatility gauge tops Ether for record 20 straight days


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Charles Hoskinson and XRP community in loggerheads again, debate on Ethereum’s free pass resurfaces

Charles Hoskinson and XRP community in loggerheads again, debate on Ethereum’s free pass resurfaces

Charles Hoskinson, the founder of Cardano, engaged in a debate with the XRP community over the rumors of ConsenSys founder, Joseph Lubin, bribing the US financial regulator.

More Cardano News

Bitcoin Weekly Forecast: Analyzing potential $30k corrections ahead of BTC ETF approval

Bitcoin Weekly Forecast: Analyzing potential $30k corrections ahead of BTC ETF approval

Bitcoin (BTC) price has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever.

More Bitcoin News

Solana likely to extend gains as DeFi airdrop season could boost user base

Solana likely to extend gains as DeFi airdrop season could boost user base

Solana ecosystem is set to experience a surge in activity from decentralized finance (DeFi) projects that offer users airdrops in the following months, according to a report from crypto market intelligence company Messari. 

More Solana News

LUNC ranks among trending tokens alongside Dollar pegged stablecoin USTC, eyes recovery

LUNC ranks among trending tokens alongside Dollar pegged stablecoin USTC, eyes recovery

Terra Classic USD and Terra Luna Classic tokens are trending among market participants after overnight price gains. USTC rallied to $0.078 local top after its 2022 collapse, garnering hope among traders. 

More Cryptocurrencies News

Three key BTC accumulation levels before ETF approval in January 2024

Three key BTC accumulation levels before ETF approval in January 2024

Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023. BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval. With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.

Read full analysis

BTC

ETH

XRP