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10/06/24
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Technical Outlook on the Performance of Tron (TRX)
In recent times, the bears swung into action and pulled BTC to price levels beneath $68.5k, as well as ETH to levels beneath $3,750. However, the activities of traders sustained TRX above the support level at $0.112 and the bulls pushed it to the upside.
TRX moved modestly past the barrier area at $0.115, as the bulls were able to clear numerous barrier levels. They pushed TRX past $0.1165. It reached levels as high as $0.117 prior to initiating current consolidation of gains past the 23.6% Fibonacci correction level of the upswing from $0.1102 swing low to $0.117 high.
A look at its 1-hour chart shows that its current performance is at levels above $0.116, as well as above the 100 SMA. The same chart shows the formation of a major bullish trend line with a support level at $0.116.
The first barrier level on its way upward is close to $0.117. The initial key barrier level exists close to $0.118 and a move above it could bring about more upside moves. The immediate barrier level is located close to $0.12.
If it closes past the barrier level at $0.12, the bulls may be able to push to $0.1225. The immediate key barrier level is close to $0.132 and a move above it is likely to empower the bulls to focus on achieving a more significant upside move toward $0.15.
On the other hand, the failure of the bulls to push TRX clearly past the barrier level at $0.12 could empower the bears to initiate a new move to the downside. The first support level on the way downward is close to the $0.116 area.
The initial key support level is close to $0.115 or the 100 SMA and a move beneath it may bring about a visit to $0.114. If there are any additional losses, the bears may be able to pull TRX toward the support level at $0.1136.
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