118
The cryptocurrency market is off to a green start as the week begins. Tron (TRX) has gained traction, set to mark the third day of gains since Nov. 13. At the time of writing, TRON was up 7.73% on the day at a trading price of $0.127. TRON ecosystem continues to grow, making efforts to decentralize the web, with the Total Value Locked (TVL) in TRON’s Just DeFi reaching record highs at $13 billion on Nov. 15. This follows as TRON CEO Justin Sun believes that DeFi, NFT, and GameFi will become the next generation of global settlement layers in the future. In August, the Tron Foundation announced it had partnered with APENFT and WINKLink to launch the $300 million Tron Arcade fund, which will invest in so-called GameFi projects over the next three years. Fast forward to November, the foundation teamed with APENFT, a non-fungible token (NFT) marketplace, to launch a $100 million fund to support NFT projects and digital artists.
Resistance Levels: $0.1767, $0.1500, $0.1324
Support Levels: $0.1094, $0.0866, $0.0704
TRX/USD Daily Chart: Ranging
TRX/USD Daily Chart
TRON managed to unearth some bullish forces around the MA 200 at $0.088, ticking higher since Oct. 28. The RSI is promoting positive traction after the bounce off the 50 neutral levels. On the upside, the TRX/USD pair is likely to face resistance near the $0.15 level. Any more gains could open the doors for a move towards the $0.176 and $0.184 levels.
Looking at the daily chart, the TRX/USD pair is showing positive signs amid the bullish crossing of the MAs, but it must clear the immediate barrier above $0.13 to continue higher in the coming sessions. Alternatively, the first major support on the downside is near the $0.109 level and the MA 50 at $0.10. Further declines may target the MA 200 support at $0.088 ahead of the $0.074 floor.
TRX/USD 4-Hour Chart: Bullish
TRX/USD 4 Hour Chart
TRX/USD formed a base above $0.104 with a fresh increase on Nov. 12. As of press time, the pair remained well bid above the $0.12 level. That said, a successful break above today’s high near $0.13 could set the pace for a larger increase. Hiking above this obstacle could encourage buyers to challenge the ceiling of $0.15-$0.184 representing the yearly high, proceeding to the $0.2 range.
On the downside, the $0.117 level is a decent support. Any more losses could open the doors for a drop towards the MA 50 at $0.111 ahead of the MA 200 ($0.103). Overall, Tron appears stable above the $0.117 support and it is likely to aim for a break above the $0.13 level in the near term.
