TRON (TRX) has become a prominent participant in the constantly changing cryptocurrency market, drawing interest from both experienced investors and novices. A deeper look at its 2-hour price chart indicates a notable change in the market dynamics that has attracted the attention of cryptocurrency fans.
On October 15, TRX made a significant move that effectively broke the previous negative trend by breaking over the crucial barrier level of $0.0858.
This altcoin is hovering at the $0.0882 resistance mark as of the most recent update, which has traders and investors wondering if this upward trajectory will be sustained.
TRX Shakes Things Up
Undoubtedly, TRON (TRX) has seen a wild journey in the last several days. October 15th was a turning moment in the cryptocurrency’s outstanding success in the tumultuous market.
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On this specific day, TRX was able to overcome a critical resistance level, $0.0858, which essentially stopped its prior negative trend. Since then, the crypto community has been excited by this development and has become more optimistic about TRON’s future.
Important Signs Pointing North
For fans of TRX, the Relative Strength Index (RSI), a popular technical analysis indicator, has been excellent news. The RSI has been moving upward steadily over the last day and has crossed over the neutral 50 mark.
For those who are not familiar with RSI, readings higher than 50 signify strong momentum, which is encouraging for cryptocurrencies. This positive RSI movement excites traders and investors alike by providing a clear indication of a possible rise for TRX.
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Examining Price Objectives Using Fibonacci Numbers
Traders and analysts have added short-term Fibonacci correction and extension levels to the chart, indicated in light blue, in order to estimate TRX’s possible price goals. These levels provide as a guide for probable resistance areas in the next days and are based on the higher price movement that was observed in late September.
The Path Ahead for TRX (Transparent)
It’s critical to closely monitor TRON’s performance in the upcoming days and weeks as the cryptocurrency continues to rise. One of the most significant events in TRX’s recent history has surely been the breaching of the $0.0858 resistance level, which suggests a possible change in the dynamics of the market.
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