TRX Bulls Emerges With A Strong Positive Breakout Targeting $0.030

  • Tron emerged with a strong bullish move on Saturday’s market session reaching the level of $0.028
  • The bullish move has broken the consolidation pattern for the altcoin which was ranging between the price level of $0.020 to $0.025
  • The TRX/BTC pair is also performing significantly bullish with an overall gain of 12.14% with the level of 0.00000266 BTC

Tron was showing signs of price consolidation for an ample amount of time. During the starting month of September, the crypto asset reclaimed the crucial mark of $0.030 and even surged above the level of $0.040. However, it reached the critical resistance area and faced major price correction activity afterwards and ended up being in consolidation. The current price level is at $0.028034 with a huge overall gain of 12.50%. The market capitalization stands at $ 2,008,915,687 with the 24-hour volume traded of $ 1,543,207,717. 

Source: coinmarketcap

The intraday chart highlights the bullish move which gradually established by TRX on Saturday’s trading session. The movement started from the price level of 0.0254 and reached to the peak point of $ 0.0285. The altcoin is currently sustaining on the level of $ 0.028 which is a positive sign. If it is able to sustain the level for a longer duration, we might expect the levels to cross the crucial mark of $0.030. On the downside, if the digital asset falls below $0.026, it may enter the consolidation phase again.  

Tron (TRX) Technical Analysis 

Source: tradingview
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The technical chart highlights on the downtrend faced by TRX in the previous month. The price candles formed an asymmetric triangle which is followed by a sharp positive breakout. However, the levels need to break above the 0.236 fib level for maintaining price sustainability in the market. 

RSI levels have taken a sharp positive jump and avoiding the oversold region. Currently, the level stands at 67.38.

MACD levels have also witnessed a bullish crossover which indicates that TRX might sustain the positive move in the upcoming days. 

Resistance level: $ 0.030

Support level: $ 0.025

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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