Tron (TRX) is showing strong bullish momentum after a significant rebound at a key support level. This latest momentum shift suggests that the $0.1443 target is now within reach. As bullish optimism around Tron price continues to grow, traders are closely watching to see if the price can sustain its bullish momentum to reach the $0.1443 level.
In this article, we will analyze the current Tron price action after the bounce at $0.1259, evaluate the significance of the $0.1443 target, and assess the implications for future growth.
Tron is currently trading at around $0.1321 and has increased by 1% with a market cap 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 suggest Tron price will reach $0.1443
Currently, the price of TRX on the 4-hours chart is bullish, trading above the 100-day simple moving average (SMA) as it heads towards the $0.1443 level. Since recovering from the major support level at $0.1259, the digital asset has been on an upward trajectory, reflecting the growing bullish momentum and the potential for further price increases.
In addition, the 4-hour Relative Strength Index (RSI) analysis shows that the indicator’s signal line has successfully risen above 70%, which is considered the overbought zone. This situation indicates continued buying pressure and increases the likelihood that bulls will be able to push the price towards the $0.1443 target.
After a successful recovery at $0.1259, Tron on the 1-day chart continues to show bullish resilience while trading above the 100-day simple moving average. The digital asset has recorded several bullish candles targeting the $0.1443 level, indicating a potential bullish sentiment for the cryptocurrency.
Finally, on the daily chart, the RSI has managed to cross the 50% line, approaching the 60% level. This important crossover indicates an increase in buying momentum and suggests that Tron price may continue to rise and advance significantly towards the $0.1443 target.
Resistance ahead: Importance of $0.1443 target
Recent trading activity suggests that Tron with strong bullish momentum could reach a target of $0.2443. If the cryptocurrency reaches this level and breaks above it, it could lead to another bullish move towards the next resistance level at $0.1804 and possibly further ranges beyond that.
However, if the downward pressure continues and Tron price fails to surpass the $0.1443 resistance level, the cryptocurrency could start a decline towards the $0.1259 support level. If the price breaks below this support, it could drop further to test the $0.1102 support level, with additional declines possible if this level is breached.
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