Tron Bullish Rebound At Support Level Signals Potential Upside To $0.1443
August 15 2024 - 2:00PM
NEWSBTC
Tron (TRX) is showing strong bullish momentum after a significant
rebound at a key support level. This recent shift in momentum
suggests that the $0.1443 target is now within reach. As the
bullish optimism around Tron’s price continues to grow, traders are
closely watching to see if the price could sustain its bullish
momentum to reach the $0.1443 level. In this article, we will
analyze Tron’s current price movement following the rebound at
$0.1259, evaluate the significance of the $0.1443 target, and
assess implications for future growth. Tron is currently trading at
around $0.1321 and has increased by 1% with a market capitalization
of over $11 billion and a trading volume of over $328 Million as of
the time of writing. In the last 24 hours, the asset’s market cap
has increased by 0.99%, while its trading volume has decreased by
18.23% Technical Indicators: Bullish Patterns Point Toward $0.1443
For Tron Currently, TRX’s price on the 4-hour chart is bullish,
trading above the 100-day Simple Moving Average (SMA) as it heads
toward the $0.1443 mark. Since rebounding from the key $0.1259
support, the digital asset has been on an upward trajectory,
reflecting growing bullish momentum and the potential for further
price increases. Additionally, an analysis of the 4-hour Relative
Strength Index (RSI) shows that the signal line of the indicator
has successfully risen above 70%, which is considered to be an
overbought zone. This position suggests sustained buying pressure
and increases the likelihood that the bulls could drive the price
toward the $0.1443 target. After a successful rebound at the
$0.1259 mark, Tron on the 1-day chart has continued to show bullish
resilience while trading above the 100-day SMA. The digital asset
printed multiple bullish candlesticks targeting the $0.1443 mark,
indicating potential bullish sentiment for the cryptocurrency.
Finally, on the 1-day chart, the RSI indicator has successfully
crossed above the 50% line, approaching the 60% level. This
significant crossover signifies increasing buying momentum and
suggests that Tron’s price may continue its rally and greatly
advance toward the $0.1443 target. Resistance Ahead: The
Significance Of The $0.1443 Target Recent trading activities
show that Tron with strong bullish momentum could reach the $0.2443
target. If the crypto asset reaches this level and breaks
above, it could lead to a further bullish move toward the next
resistance level at $0.1804 and possibly other ranges beyond.
However, if bearish pressure takes over and Tron’s price fails to
surpass the $0.1443 resistance level, the cryptocurrency might
start to decline toward the $0.1259 support mark. Should the price
fall below this support, it could potentially drop further to test
the $0.1102 support level, with additional declines possible if
this level is breached. Featured image from iStock, chart from
Tradingview.com
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