TRON PRICE ANALYSIS & PREDICTION (July 21) – TRX Pulls Back, Finding A Solid Ground To Resume Bullish Trajectory

2024-7-22 22:46

This week saw Tron through a slight pullback after witnessing a full recovery near the yearly high. The price may appear weak at press time, but its bullish trajectory is still looking intact on the macro level.

TRX has seen substantial growth since the price picked up from the $0.11 level in June. Although things have slowed down a bit this week as it undergoes a short pullback, looking for a key level to resume buying.

It is yet to find solid ground but currently trades at minor support of $0.134. As seen on the daily chart, trading has been calm at around this support since Wednesday. We may see a fresh buy from this calm area.

If this minor support level fails to produce a bounce, the market may pull lower in the upcoming week until it finds a solid ground to resume positive actions. Currently, the bears have the upper hand in the market.

Regardless of this week’s drop, which is considered a pullback, it is important to note that TRX’s bullish trajectory remains intact from the long-term perspective. A resurge above the yearly high should validate a huge rally to the current all-time high.

Tron’s Key Level to Watch Source: Tradingview

If the price continues to drop, the $0.127 support would be the next level to watch for drops. A broader pullback from that support should bring us to the $0.12 level. The lower support level to consider for more drops is June’s $0.11 low.

A rebound from the current trading level could send us back to the $0.144 resistance with a potential break above this month’s high to the $0.155 level. The key resistance level to watch next is a $0.17 – May 2021 high.

Key Resistance Levels: $0.144, $0.155, $0.17

Key Support Levels: $0.127, $0.12, $0.11

Spot Price: $0.133 Trend: Bullish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: winst2014/123RF // Image Effects by Colorcinch

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