In the long term charts, which usually offer a hint on the direction of the market, Tron is at the very beginning of an uptrend. It is sitting on a key support level at $0.007000. This has been an area of major price activity in the past.
At the moment, there is strong buying pressure at this price level, with the market having rejected selling pressure that drove price down to $0.061 earlier in the week. That’s a good sign for people looking to buy TRX at the moment, because it shows that there is a strong bull presence in the Tron market.
The bullish momentum around Tron is also quite visible in the daily charts, where it has formed a small double bottom. The $0.065 is holding strong as a major support level, which is a good indicator that the price is about to rise in the short-term. Volumes too point to an impending upside break, having shot up in the last 24 hours, after stagnating for two days in a row. On the upside, once Tron begins to rise, the first area of resistance will be at $0.093, which was the all-time high during the last crypto rally that was driven by bitcoin’s push to $9900.
In the next 24 hours, Tron (TRX) could rise to around $0.082, a price level that has been an area of consolidation for the last 12 hours. However, anyone looking to invest in Tron at the moment needs to watch until the price of Tron (TRX) to break above the 55-day moving average, at around $0.075. However, if it doesn’t break above this price level, then investors need to watch for $0.057, which could offer some support. A break below this price level could see Tron test $0.04, around the 100-day moving average on the daily chart.
Fundamentals supporting Tron (TRX) in the next 24 hours
From the technical analysis above, it is clear that Tron (TRX) has a higher chance of pushing higher in the next 24 hours. So what are the fundamental factors that could drive up a bullish run in the day?
In the past 12 hours, Tron has mainly been supported by news of the different exchanges that will supporting the Tron migration. For instance, earlier in the day, Justin Sun announced on twitter that BitPie wallet will be supporting the TRX migration, and volumes increased slightly around that time. As more of these announcements continue to come up in the next 24 hours, they will continue to drive up Tron volumes and the price will rise too.
As things stand, chances of a downward break are quite minimal. That’s because bitcoin, the crypto that has been driving down the entire market seems to have found some support around $8100-$8200. This is a cushion for Tron (TRX) at the moment.
Besides, investors are highly optimistic about the main net driving up price. As such, any slight dips in price are quickly bought up as investors’ move-in, in anticipation that TRX could break above $0.10 after the main net is launched. Tron’s fundamental strength at the moment is validated by the fact that it is one of the major cryptos that have held steady, even as the rest of the market has dropped.