Lokesh Gupta
20-08-2024
#Tron price has seen a remarkable price increase of over 13% in the past week, driven by the recent launch of Justin Sun’s new platform, SunPump.
As a result of this remarkable price increase, TRX's market capitalization has climbed to $12.80 billion, surpassing ADA.
On the daily chart, the $TRX price bull run is supported by an ascending trendline, continuing its upward momentum.
Additionally, TRX’s open interest has surged by 50.78%, and its volume has spiked by 204.73% in the last 24 hours, which could be a key factor behind the recent price rise.
The ongoing recovery rally has resulted in a 21% price jump from the support trendline, forming an engulfing candle and creating a V-shaped pattern.
If $TRX closes a weekly candle above $0.15, it could gain strong upward momentum and potentially reach its all-time high soon.
As per Coingabbar analysis, The support levels at $0.1350 and $0.1250 should help absorb any potential increase in supply pressure.
KEY LEVELS :
RESISTANCE LEVEL : $0.1800-$0.2200
SUPPORT LEVEL : $0.1250-$0.1000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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