TRX found support in the $0.11 level, with TRON founder Justin Sun commenting on his Twitter that it is early to say whether or not this will be a break-out. A breakout could happen at any time; however, due to the liquidity of this resistance point and its proximity to key Fibonacci levels, there are indications that it might take until late 2019 for Tron (TRX) prices to finally hit new highs.,
The cryptocurrency market has continued to perform well, with numerous cryptocurrencies increasing in value by more than 2% in the last day.
October was a fantastic month for the cryptocurrency industry as a whole. With Bitcoin, Ethereum, Solana, and other top cryptocurrencies achieving fresh all-time highs, the gains experienced in October were last seen in December 2020.
Bitcoin has surpassed the $62k mark, indicating that November is off to a good start. Ether’s price has remained over $4,300, while other popular altcoins such as Solana, Polkadot, Cardano, Shiba Inu, and Dogecoin have all risen.
Tron (TRX) is rising as well, although not as well as the others. TRX has barely gained 1.2 percent in the last few hours and may struggle to break out and rocket higher in the next hours.
The future of the Tron cryptocurrency
The TRX/USD 4-hour chart is now optimistic, but the cryptocurrency has yet to provide a convincing performance. Despite being in the positive zone, the MACD line is near to the midpoint, and the RSI of 55 indicates that the coin is close to the neutral zone.
Tron is now selling at $0.1013 per coin at the time of writing. TRX would need to stay clear of the $0.1005 pivot in order to test the first significant resistance level at $0.1036. TRX would need support from the larger cryptocurrency market to exceed Sunday’s high of $0.1029.
TRX may struggle to test the $0.11 resistance level over the next 24 hours unless there is a prolonged bullish run in the market. $0.1061 is TRX’s second big resistance level.
If TRX falls below the pivot at $0.1005, it risks testing the first major support level at $0.09802. Unless the market experiences a prolonged sell-off, Tron’s TRX should safely avoid the second key support level at $0.09484 in the next 24 hours.