Tron rises by only 1.2%. Can it test the $0.11 resistance level soon?

Tron rises by only 1.2%. Can it test the $0.11 resistance level soon?

The cryptocurrency market has continued its excellent performance, with many altcoins adding more than 2% to their values over the past day.

October was an excellent month for the broader crypto market. The gains recorded in October were last seen in December 2020, with Bitcoin, Ethereum, Solana, and other leading cryptocurrencies hitting new all-time highs.

November has also started positively, with Bitcoin topping the $62k level earlier today. Ether has also maintained its price above the $4,300 mark while other leading altcoins like Solana, Polkadot, Cardano, Shiba Inu and Dogecoin are all rallying.

Tron (TRX) is also rallying but isn’t performing well like others. Over the past few hours, TRX has only added 1.2% to its value and could struggle to break to surge higher in the coming hours.

Tron price outlook

The TRX/USD 4-hour chart is looking bullish at the moment, but it is not a convincing performance from the cryptocurrency. The MACD line is close to the midpoint despite being in the bullish region, while the RSI of 55 shows that the coin is close to the neutral zone.

At the time of writing, Tron is trading at $0.1013 per coin. TRX would need to avoid the $0.1005 pivot to stand a chance of bringing the first major resistance level at $0.1036 into play. Support from the broader cryptocurrency market would be required for TRX to surpass Sunday’s high of $0.1029.

Unless there is an extended bullish run in the market, TRX could find it hard to test the resistance level at $0.11 over the next 24 hours. TRX’s second major resistance level stands at $0.1061.

If TRX drops below the $0.1005 pivot, then it risks bringing the first major support level at $0.09802 into play. Unless there is an extended sell-off period in the market, Tron’s TRX should comfortably steer clear of the second major support level at $0.09484 over the next 24 hours.

 

The post Tron rises by only 1.2%. Can it test the $0.11 resistance level soon? appeared first on The Home of Altcoins: All About Crypto, Bitcoin & Altcoins | Cointext.com.

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