Despite experiencing a deep retracement for over a month, TRX is still considered bullish in the long term. It recently found support and is now looking set for another buying phase as demand slowly rises. TRX’s bullish trajectory remains intact on the macro level, although the past month’s trading has been uninteresting due to a major retracement from the $0.45 level in December. However, it found a solid ground above $0.21 and increased by roughly 10% during last week’s recovery. The recovery halted at $0.27 later that week and the price rolled back. But luckily for the bulls, demand increased this week and the price bounced back after forming a double-bottom on the 4-hour timeframe. This double-bottom is a reversal pattern that suggests a potential shift in the trend. If it plays out well, we can anticipate a huge price movement. As seen on the daily chart, the bulls are stepping back in the market. While the recent retracement is considered a reaccumulation phase for TRX, it should see a full recovery back to the top in the next few weeks. Breaking above it should set the asset on a massive run up to $1. TRX’s Key Level to Watch Source: Tradingview Now that TRX is jerking up after providing a huge discount on a short-term, it must cross over the monthly $0.275 high before testing $0.31. The resistance levels to watch on the way up are $0.37, $0.4 and $0.45. The market currently sits at the $0.217 support. A crack below it could slide the market to $0.186. The lower level to watch for drops is $0.17. Key Resistance Levels: $0.275, $0.31, $0.37 Key Support Levels: $0.217, $0.186, $0.17 Spot Price: $0.25 Trend: Bullish Volatility: Low Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: winst2014/ 123RF // Image Effects by Colorcinch
