Tron August Slump Reversed – Will Bulls Get What They Want?

Tron (TRX) has orchestrated an impressive recovery, bouncing back from last week’s dip of $0.07000 and regaining losses it incurred this month. 

As of the latest data from CoinGecko, the TRX price currently stands at $0.076, despite a minor 1.2% decline over the past 24 hours. This resurgence follows a decent seven-day rally that has seen TRX gain 5.4%. 

Delving into the technical analysis on a weekly timeframe, it becomes evident that TRON has been tracing an ascending support line since November 2022. This trajectory has been consistently validated through multiple instances, underscoring its significance.

TRX price action today. Source: Coingecko

Resistance Targets On Tron Radar

Market analysts and enthusiasts are now setting their sights on potential price trajectories for TRX. Based on a comprehensive price analysis, bullish sentiment is prevailing as TRX bulls seem poised to take on the next resistance level at $0.080. 

Despite these encouraging signs, market participants are cognizant of potential headwinds. Fluctuating funding rates, which denote the cost of holding positions in futures contracts, could introduce volatility and potentially impede a solid and sustained upward momentum in the short term.

As TRX ventures toward key resistance levels, it faces the challenge of maintaining its upward trajectory while navigating potential dips. The derivatives market provides a favorable backdrop, but market players remain watchful of funding rate fluctuations. The coming days will shed light on whether TRX can maintain its ascent and solidify its position.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Zipmex