TRON Price Analysis: Defying the current market volatility, the TRON coin has been on a bullish streak since last Friday, the day the Bitcoin network completed the fourth halving. The positive upswing surged the TRX price from $0.105 to $0.115, registering 10.5% growth. The rising price poised to challenge a monthly resistance on the daily chart indicates a potential for higher growth.
Also Read: Ethereum Price Jumps As TRON Founder Justin Sun Accumulates 15K ETH, What’s Next?
Is TRX Price Heading to $0.12?
The mid-term trend TRON price is still bearish evidenced by a dynamic resistance trendline in the daily chart. This downsloping trendline led the coin value to plunge from $0.144 to $0.104 within two months, accounting for 27.2%.
However, the downward trend found suitable support at 38.2% Fibonacci retracement level at $0.105 amid the recent bitcoin halving. The renewed buying pressure following this health retracement has reverted the price back to the $0.115 mark.
This uptick is
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