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Tron’s course went on the offensive to the delight of Justin Sun

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The Future of Crypto and Defi with Justin Sun, Founder and CEO of Tron

Tron's course went on the offensive to the delight of Justin Sun

Tron’s course went on the offensive to the delight of Justin Sun
CONTENT

  • TRX rate recovered above the support area of ​​$ 0.012.

  • Bulls need to break through the long-term downside resistance line.

  • Price breakout from short-term upward parallel channel.

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The Tron (TRX) rate has broken through an important resistance area and turned it into support. The cryptocurrency may have started an uptrend.

Long term resistance

As the editorial staff of BeInCrypto has already said, the attention of the founder of the Tron crypto platform, Justin Sun, was attracted by the current hype around the Dogecoin currency. DOGE ranks aggressively, doubling in price thanks to viral challenge on TikTok.

Tron's course went on the offensive to the delight of Justin Sun

This topic immediately interested Sana, who himself is a fan of hype in social networks to increase attention to his Tron project and pump the rate of the TRX cryptocurrency, which is now in the 16th place in the crypto space in terms of market capitalization. In the wake of Dogecoin’s success, Sun revealed that his project will henceforth focus on expanding his presence on TikTok..

Meanwhile, the Tron currency itself (TRX) has also gone on the offensive. Since November 2018, the $ 0.012 area has played the role of a range low for the TRX. In March of this year, the price briefly dived under it, but quickly recovered and has been strengthening since then..

Such price behavior in the area of ​​long-term support / resistance often means a market reversal in the opposite direction..

Now the TRX rate is in the area of ​​the descending resistance line, which has been supported on the chart since May 14. The price has already bounced off it three times.

Now, a bullish breakout of this line could trigger an aggressive rally towards the latest high of $ 0.026.

Could Sun’s recent comments have influenced the revitalization of the course? TRX? Join the discussion in our Telegram channel – and you will find out everything!

On the daily chart, the price has already managed to overcome the $ 0.018 area, which played the role of resistance. In addition, the price is moving along the upward support line and the 50- and 200-day moving averages (MA) have formed a bullish crossover. Meanwhile, the RSI indicator does not give signals of bearish divergence – on the contrary, it is growing smoothly.

In this regard, we expect the TRX rate to rise to at least the resistance area of ​​$ 0.0215, and possibly even higher, to $ 0.026. Accordingly, we consider a bullish breakout of the aforementioned downward resistance line very likely..

Short-term schedule

Tron's course went on the offensive to the delight of Justin Sun

Cryptocurrency trader Cryptotoad (@ Mesawine1) suggested that TRX will continue to rise and set a target at $ 0.022.

The hourly chart demonstrates that the pair has made a bullish breakout of the short-term upward parallel channel. This breakout was accompanied by significant trading volumes, and then the market turned the broken level into support. This is a signal that the price is ready to continue to rise in the direction of the resistance areas indicated above..

Thus, the TRX rate has broken through an important area of ​​resistance and intends to move further. Bullish breakout of long-term downtrend resistance line could accelerate the pair’s growth rate.

Disclaimer

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