Tron displaying a strong bullish urgeThe Tron Crypto enjoyed an upward trend from the beginning of January 2024, starting at a support level of $0.10250 and reaching a high of $0.14450 by February 27th, 2024, when the candle finally closed at $0.14250.
However, things changed from the last week of February 2024 as the Tron price plummeted and broke the earlier uptrend by entering a downward wedge.
Despite this downward movement, the Tron crypto has recently shown signs of recovery since it rebounded from a well-established support level of about $0.10500 on the chart. The breakout of the falling wedge pattern suggests that Tron Crypto might begin an upward trend by breaking the resistance level and reaching new heights from the current price level.
The Tron asset has started a remarkable climb, displaying a strong bullish urge in its strength by forming back-to-back bullish candles during daily sessions on its charts. It has also remained above the significant 20-day EMA and has been approaching the 50-day EMA band from below.
The MACD also indicates a robust bullish crossover, with a histogram at 0.00120, the MACD line at 0.000070, and the signal line at -0.001133.
Also, the RSI is moving higher with more speed, suggesting that the Tron crypto asset is not yet overbought since it is at 52.51 and can maintain its upward direction.
Overall chart analysis indicates that the Tron crypto asset shows bullish characteristics and may reach higher levels by continuing its ongoing breakout on the daily chart. It also displayed excellent performance the previous week with a 5.19% increase, suggesting a robust upward spike and the potential to retest the supply level at $0.14250.
At press time, the Tron crypto trades at $0.1182, with an intraday loss of 0.82%, a 24-hour trading volume of 415.30 million, and a market capitalization of 10.34 Billion. If the price continues to attract more buying interest, it could achieve higher targets at $0.13000 and $0.14000. However, a failure to sustain support at $0.10500 may cause price gains to drop and hit lower support levels.
