Tron (TRX) Big Pump Hits Rejection at $0.4500 Mark

Tron’s price action witnessed a massive price pump within 24 hours. The price increase was so strong that it broke through multiple technical resistance levels in a single session, even testing the $0.4500 resistance. However, the market has seen a modest downward retracement as of the time of writing, though it still has the potential for further gains.

Tron Statistics:

TRX Price: $0.4089

Tron Market Capitalization: $35.45B

Tron Circulating Supply: 86.29B

TRX Total Supply: 86.29B

TRX CoinMarketCap Rank: 10

Key Price Levels:

Resistance: $0.4500, $0.5000, $0.5500

Support: $0.4000, $0.3500, $0.3000

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Tron Gets Bounced at the $0.4500 Resistance

Price activity in the TRX daily market, as mentioned earlier, has seen a strong price surge. However, the price movement has encountered resistance at the technical level of $0.4500. The last price candle on the chart is red, indicating a downward retracement.

Nevertheless, the market remains significantly above all the Moving Average ribbons, suggesting that the uptrend is still intact. Additionally, the Stochastic Relative Strength Index lines are rising upwards, despite the downward retracement, further confirming the ongoing uptrend. The market may continue its upward correction in subsequent sessions.

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TRX Bulls Are Seeking an Extension for Their Reign

In the Tron 4-hour market, the corresponding price candle to the ongoing session is green. Technically, this suggests that bullish forces are actively influencing price movement. Moreover, the current price of the token is above the $0.4000 price level. The MA lines remain below price activity at a significant distance.

Meanwhile, the Stochastic RSI lines are in the overbought region but are falling towards the 80 mark of the indicator. Nevertheless, traders can rely more on price movement on the chart, as the position of price candles above the MA lines suggests that the market may still move higher toward the $0.5000 mark shortly.

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