$TRX Breaks Key Resistance – Can Bulls Sustain the Momentum?
$TRX has surged past a critical short-term resistance at $0.2302, fueled by a notable spike in trading volume. Currently trading at $0.2314, the token faces a pivotal juncture that could dictate its next major move. While the 15-minute chart signals bullish strength, the battle at higher resistance levels will determine whether this breakout evolves into a sustained rally.
Market Snapshot
- Current Price: $0.2314
- 24H Range: $0.2264 (low) – $0.2315 (high)
- 24H Change: -0.26% (minor dip amid volatile price action)
- Volume SMA: 12.818M (rising volume underscores breakout conviction)
Technical Analysis
Resistance Levels in Focus:
- Flipped Support: $0.2302 (former resistance now acting as support).
- Immediate Resistance: $0.2315 (today’s high). A decisive close above this level could trigger rapid upside toward:
- Target 1: $0.2330 (near-term liquidity zone).
- Target 2: $0.2365 (next major resistance).
Critical Support Zone:
- Key Area: $0.2290 – $0.2280. A breach here risks a retest of:
Target 1: $0.2264 (24H low).
Target 2: $0.2230 (psychological support).
Trade Strategy
Aggressive Bullish Play:
- Entry: Above $0.2316 (confirmed breakout).
- Targets: $0.2330 → $0.2365.
- Stop-Loss: Below $0.2290 (protects against false breakout).
Bearish Countermove:
- Entry: Breakdown below $0.2280.
- Targets: $0.2264 → $0.2230.
- Stop-Loss: Above $0.2315 (invalidates bearish thesis).
Final Thoughts
TRX’s breakout above $0.2302 is technically bullish, but the token must hold this level to avoid a “bull trap.” Traders should watch for:
1. Volume Confirmation: Sustained high volume to validate upward momentum.
2. Price Action at $0.2315: A close above this level opens the door for rapid gains.
3. Support Defense: A dip below $0.2280 could accelerate profit-taking.
