Tron price analysis: TRX hits crucial resistance at $0.1, will bulls consolidate

Tron’s price analysis for today underlined the token’s rebound and broke the $0.1 resistance point. TRX is up more than 13 percent in the last 24 hours to $0.1006 and trading at $0.098 at the time of writing.

The uptrend comes in time for Tron, after a bearish period since Justin Sun tweeted a teaser earlier this month of something big to come at TRX. The price fell to $0.07 and has been struggling to consolidate since then. The only worrying sign in the market right now is the decline in trading volume, which has fallen by more than 22% in 24 hours.

The larger cryptocurrency market recovered from losses earlier in the week, boosted by Bitcoin’s more than 3 percent rise, and returned to $44,500. Ethereum hit $3,100 with a 4% increase as the altcoin also showed significant recovery.

Dogecoin was up 13% to over $0.21, as was Cardano, which was up more than $2.2. Ripple rebounded more than 15% to $0.99 and Polkadot was up 20% to $32.2.

Tron’s 24-Hour Price Analysis chart shows a pattern of bulls being swallowed up after a long line of red candles above September 16. bring the momentum past the $0.1 resistance point. As of now, TRX is aiming to consolidate just below $1.2.

A Relative Strength Index (RSI) value of 50 indicates that there is still room in the token for buyer inertia. Once the current trend of buyer interest strengthens, TRX could reach $1.2 as well.

Technical signs look favorable for TRX on the 4 hours chart as the price advances from its 20 and 50 day EMAs after falling around the $0.1 resistance point. An RSI reading at 52 suggests bulls will consolidate additional momentum to push the price above the resistance level to $0.1033.

At this point, a pullback can be observed, pushing the price back down to the psychological $0.1 level. New support in this scenario is set at $0.0955.

Technical indicators for Tron price analysis confirm that the token is set for a bullish run, along with the recovering larger cryptocurrency market. Price still remains well below the September-high of $0.127, but the current trend has room for further momentum that will be set after some consolidation around the $0.1 resistance.

Price is set to go further up over the next trading sessions and for incoming traders, now is just about late to enter the market for TRX.

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