Tron (TRX) is edging higher after a brief consolidation. Tron made a strong bullish breakout to $0.1, flipping the $0.070 resistance level.
*Tron Price action remains in bullish territory
*Uptrend continues on TRX/USD with bullish breakout to intraday highs of $0.10
*Justin Sun announces Launch of NFT Fund
TRX Price action remains in the bullish territory despite the declines recorded in the Bitcoin and Altcoin market earlier. The bullish moving averages (MAs) are defending the positive structure, while a bounce off the ascending trend line on Mar. 25 appears to have provided the climb with fresh footing. The uptrend continues on TRX/USD with a bullish breakout to intraday highs of $0.10. A successful step above $0.1 high could face immediate resistance from the $0.15 and $0.2 barrier ahead of the more than three-year high of $0.3004. If buying interest persists, the price could hit the $0.3 hurdle, registered in January 2018. This latest leg of this rally follows after Justin Sun announced the launch of an NFT fund called JUST NFT.
Justin Sun Announces Launch of NFT Fund
Tron is climbing higher amid the news of Justin Sun Launching the NFT Fund. The fund called JUST NFT will focus on pieces worth at least $1 million, with an average value of $10 million. Beeple will now be minted on TRON as the first featured piece will be Beeple’s “OCEANFRONT,” purchased by Sun last week for $6 million. Earlier, the TRON CEO voiced out his beliefs that NFT and DeFi are the waves of the future. TRC-721 specification, TRON’s first indispensable token (NFT) standard was also made publicly available recently.
TRX Daily Chart: Bullish
Tron is up 43.85% on its daily chart. TRON found new buyers above the $0.07 resistance, advancing its bullish impulse towards a fresh multi-month high of $0.1 on Wednesday. If the bulls can claim the territory above $0.1, the way will open toward highs of $0.2. Higher, the rally is expected to take a breather at the all-time high of $0.30 where the bulls may run into resistance.
Due to the rally occurring in a quick spurt, Tron left resistances and support untested. On the downside, sellers could have a tough time pulling TRON price below $0.070 (resistance turned support). A break of which could see some consolidation near the supportive $0.06 level. Slightly lower, the ascending trendline support at $0.05, where the MA 50 is converging, maybe another key spot to watch.
TRX 4-Hour Chart: Bullish
In the early hours of today’s trading session, TRON resuscitated the bullish impulse at the $0.06 support after a brief consolidation. TRON’s consolidation was strong enough to propel the bulls for a dash. Another upside break could bring the $0.15 and then $0.2 area into play. Higher still, the peak of January 2018 above $0.30 may prove to be a stronger resistance barrier.
The buying appetite in the market drove the RSI well into the overbought area, though with the indicator showing no convincing signs of weakness, traders may wait a bit before selling the pair. On the downside, TRON sits on top of robust support located at the 4 hour MA 50 ($0.06). However, if the TRX price extends its decline below the MA 50, it could meet the strong MA 200 support at $0.055. Further losses could send the pair towards the ascending trendline support at $0.050.
Key Levels
Resistance Levels: $0.12, $0.110, $0.100
Support Levels: $0.081, $0.078, $0.068
Image Credit: Tradingview
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