TRON (TRX) is in an accumulation phase, approaching a pivotal resistance at $0.30. Volume trends and volatility indicators hint at potential movement.
Accumulation and Key Support Levels
Following a December 2024 surge and rejection, TRX entered consolidation, forming higher lows. Current support ranges from $0.1800 to $0.2200. If the price stays above $0.2200, further upward movement is possible. Resistance at $0.3000 - $0.3200 remains a significant challenge for bulls.
Volume and Market Structure
Volume trends are marked by a spike in December followed by a decline. Current volumes point to slow accumulation. Breakout above $0.2600 - $0.2800 could lead to a retest at $0.3000. A descending triangle on the daily chart highlights a critical juncture for TRX, with strong horizontal support at $0.0274.
Potential Breakout or Breakdown
TRX is in contracting Bollinger Bands, indicating decreasing volatility. The RSI near 48.8 shows potential for upward or downward movement. Breaking RSI level 50 would indicate increased buying pressure, while falling below RSI 40 would indicate bearish pressure. A bullish breakout could drive TRX to $0.030 if volume increases.
TRX faces crucial levels and market participants watch to see if the asset will maintain upward momentum or experience a downturn. Upcoming sessions will reveal TRX's trends.
