Home Altcoins News Tron Surges Past Key Resistance: Is $0.132 the Next Target

Tron Surges Past Key Resistance: Is $0.132 the Next Target

Tron Surges

Tron (TRX) has emerged as a standout performer in the volatile cryptocurrency landscape, captivating investors with its impressive rally against the US Dollar. As Tron (TRX) continues to defy expectations and surge past critical resistance levels, the spotlight is firmly fixed on its potential to shatter the elusive $0.132 barrier.

In a market characterized by uncertainty, Tron has distinguished itself by maintaining resilience and demonstrating robust bullish momentum. While other major cryptocurrencies, including Bitcoin and Ethereum, grappled with downward pressure, TRX remained steadfast, buoyed by strong investor confidence and strategic developments within the Tron ecosystem.

The recent price action of Tron paints a compelling picture of its ascent. Breaking free from the shackles of resistance, TRX propelled itself above the pivotal $0.120 mark, a significant milestone that signaled a paradigm shift in its trajectory. Bolstering this bullish sentiment was the decisive breach of a key bearish trend line, with resistance at $0.120, underscoring TRX’s newfound bullish momentum and potential for further upside.

Currently, Tron is a trading comfortably above $0.1220, firmly supported by the 100 simple moving average (4 hours), a testament to the underlying strength of its upward trend. As traders eagerly anticipate the next leg of TRX’s journey, attention is squarely focused on the formidable $0.1250 resistance level, a critical juncture that could pave the way for a sustained rally towards higher price targets.

Technical analysis offers valuable insights into TRX’s potential trajectory, with analysts eyeing the $0.1275 resistance level as the next battleground for bulls and bears. Beyond this key obstacle lies the tantalizing prospect of breaching the 1.618 Fibonacci extension level of the recent downward move from $0.1239 to $0.1181, a feat that could unlock the gates to TRX’s ascent towards $0.132.

The $0.132 mark looms large on the horizon, representing a psychological barrier and a significant inflection point for TRX’s price action. A successful breach of this formidable resistance level could catalyze a cascade of buying pressure, propelling TRX into uncharted territory and igniting fervent speculation among investors.

Should TRX muster the strength to conquer $0.132, the path to further gains appears increasingly plausible, with analysts setting their sights on ambitious price targets such as $0.1365 and $0.140. Buoyed by robust fundamentals and a supportive market environment, TRX enthusiasts remain cautiously optimistic about the cryptocurrency’s ability to sustain its upward momentum and embark on a prolonged uptrend.

However, amidst the euphoria surrounding TRX’s meteoric rise, prudent investors remain cognizant of potential pitfalls and downside risks. A failure to breach the $0.1250 resistance level could trigger a temporary pullback, with initial support resting at the $0.1220 zone. Further downside could see TRX retesting the 100 simple moving average (4 hours) near $0.1195, followed by more substantial support at $0.1180 and $0.1150.

In conclusion, Tron’s remarkable ascent under scores its resilience and potential to outperform its peers in the dynamic cryptocurrency market. With Tron (TRX) poised at a critical juncture and the $0.132 barrier beckoning, investors brace themselves for a momentous chapter in TRX’s journey. As the cryptocurrency landscape continues to evolve, all eyes remain firmly fixed on Tron as it charts its course towards new heights of success and prosperity.

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James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

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