TRX Price Analysis: Tron Continues Outperformance as Resistance Approaches
With the exception of Bitcoin Cash, the price of Tron has appreciated the most out of the top ten cryptocurrencies today.
The price pattern forming for Tron continues to be bullish with its price successfully forming a higher high.
The price is now trading close to resistance at $0.028 and has already started to trade away from the level.
$0.028 to $0.031 was an area of consolidation for Tron during bearish drops in August.
Price quickly dropped back below this level after it rose above earlier this month.
Tron has been consistently outperforming all other top 5 cryptocurrencies over the past month.
Data from Messari show the price appreciating 9% over the past seven days and 21% over the past 30 days while most other cryptocurrencies are showing depreciation over these periods.
The lower hourly timeframe has also been showing bullish price patterns with higher highs and higher lows also forming since the start of the week.
If price can continue to rise into the $0.028 to $0.031 area, more volatile price movements are likely to take place.
The last time price rose into this area it quickly rose to a high near $0.036 before dropping back below $0.028.
- Tron is the top performing cryptocurrency over the past seven days and the past thirty days. It is also the top performing cryptocurrency over the past 24 hours with the exception of Bitcoin Cash.
- Tron has been forming higher highs and higher lows on both the daily and the hourly timeframe.
- Price is currently meeting resistance at $0.028. FI price can continue to rise into the $0.028 to $0.031 range, more volatile price movements may take place.
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