• TRON price is grappling with the $0.0815 resistance barrier, looking to flip it into a support floor.
  • If successful, TRX bulls could trigger a 26% run-up to the next hurdle at $0.101.
  • A daily candlestick close below the 100-day SMA at $0.069 will invalidate the bullish thesis.

TRON price is at a comfortable position relative to other altcoins in the bear market. Moreover, it has been trying to breach a high-time-frame resistance barrier and flip it into a support floor. If this move is successful, it will allow TRX bulls a chance to rally

TRON price at a make-or-break point

TRON price is at a better position than most altcoins when compared to where it is relative to the 50-day, 100-day and 200-day Simple Moving Averages (SMAs). While most altcoins are trying to move above these barriers, TRX is sitting comfortably above these SMAs.

Additionally, TRON price has been looking to flip the $0.0815 resistance barrier into a support level for more than a month. If the buyers step in a produce a daily candlestick close above it, it will be the first sign that TRX wants to head higher.

However, investors need to wait for a retest to confirm the successful flip of the said hurdle into a support level. This development will open the path for TRON price to revisit the next blockade at $0.101. 

In total, this move would constitute a 26% ascent and is likely where the upside is capped for TRX. 

TRX/USDT 1-day chart

TRX/USDT 1-day chart

While things are looking extremely choppy for TRON price, investors need to be patient and not get caught in the back and forth of intraday volatility. However, if TRX produces a daily candlestick close below the 100-day SMA at $0.069, it will signify weakness from buyers.

This development will invalidate the bullish thesis for TRON price and potentially crash it to the immediate support level at $0.0558.

 


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

Recommended content


Recommended Content

Editors’ Picks

DOGE holders may sell if it rises above key accumulation zone

DOGE holders may sell if it rises above key accumulation zone

DOGE will reclaim a key level if it rises by 5%, and traders will likely sell as they break even. DOGE's social volume has reached its lowest level in the past year. DOGE has underperformed other top meme coins year-to-date.

More Dogecoin News

SEC vs. Coinbase: Coinbase attorney's arguments fail to convince judge

SEC vs. Coinbase: Coinbase attorney's arguments fail to convince judge

SEC vs. Coinbase hearing on Thursday addresses the exchange’s demand that Chair Gary Gensler should testify. Coinbase Attorney Kevin Schwartz’s arguments fail to convince Judge Katherine Polk Failla.

More Cryptocurrencies News

Ethereum on-chain activity reveals mixed signals amid declining inflation

Ethereum on-chain activity reveals mixed signals amid declining inflation

Ethereum could rally in Q3 following reduced US inflation and launch of spot ETH ETFs. Ethereum's on-chain activity shows mixed sentiment among investors. Bearish exhaustion candle could signify a downturn for ETH if SEC delays ETH ETF approval.

More Ethereum News

Biden's veto stands, banks unable to  provide custody services for crypto

Biden's veto stands, banks unable to  provide custody services for crypto

US House failed to muster a two-thirds vote to overturn President Biden's veto of Joint Resolution 109. Several Democrats failed to support a repeal of the President's veto despite the increasing role of the crypto industry in the upcoming election.

More Cryptocurrencies News

Bitcoin: BTC sinks under $55,000 as Mt Gox prepares payment to creditors

Bitcoin: BTC sinks under $55,000 as Mt Gox prepares payment to creditors

Bitcoin (BTC) price is having its worst week of the year, influenced by selling activity among BTC miners and heavy transfers of Bitcoins to exchanges by Mt Gox and the German Government. 

Read full analysis

BTC

ETH

XRP