- TRX broke resistance near $0.0716, faced rejection 3 times.
- Prices witnessed a rise by 12.6% in the last 7 days.
- Volume rose by 37.75% in 24 hours.
TRON (TRX) prices broke out of the resistance near $0.0716, where it faced rejection thrice. TRX’s Total Value Locked (TVL) observed an uptrend and is ranked second largest after Ethereum in terms of TVL. Justin Sun’s Tron has also shown a growth in monthly transactions, in which it marked constant growth each month in the right direction.
The TRON DAO took to twitter via which it released the highlights of the past week, keeping the fans updated of the Tron’s working. The community is noticing how the network works, gathering information from its official podcast and twitter handle, which constantly releases news relating to the network.
— TRON DAO (@trondao) February 20, 2023
Here’s what charts reveal
TRX prices have broken out of the ascending regression channel and have risen by 12.6% in the past 7 days, with a gain of $3.17% in the intra day session. The volume shows increased buyer activity indicating the rise to impress the investing community. The rising OBV suggests the present pressure to be positive and benefit in the long run. The EMA ribbon floats below the price movement to give out bullish signals. The prices may face resistance near $0.075, and if breached successfully can mark a bull run aiming for $0.10.
The CMF rises slightly to show approaching bulls and a positive outlook to prevail from the rise. The MACD witnessed a positive cross while it records buyer bars in the zone above the zero-mark histogram. The RSI elevates to the ceiling range to show buyer dominance in the price action. The indicators suggest bullish momentum to be witnessed soon.
The Peephole
The smaller time frame study suggests the prices to face staggered rise as it faces selling pressure at high price levels. The CMF moves closer to the baseline to reflect the pressure faced by the prices. The MACD does not form any distinct cross to define the market outlook. The RSI moves in the 60-range to mirror the buyer pull in the prices.
Conclusion
The TRON prices are planning for a higher launch and can form rising patterns to reach the target of $0.10. The network’s efforts to remain in the news and attract new investors is a risky play, but is yielding fruitful results for the time being. The TRX holders must look for resistance near $0.075.
Technical levels
Support levels: $0.0625 and $0.0585
Resistance levels: $0.0750 and $0.0811
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/20/tron-on-a-path-of-steady-growth-break-out-of-resistance-to-surge/