It’s a big day for the cryptocurrency market as SEC finally approves A Bitcoin Futures ETF. Tron (TRX) saw a 22% spike (on Binance) on Oct. 15, marking highs at $0.1094. Bulls are presently consolidating as market participants ruminate on the days ahead. At the time of post, TRON was exchanging hands at $0.098 after reaching highs at $0.1029 today. In an Oct. 15 press release, TRON has announced its upcoming partnership with Sony Interactive Entertainment. Sony will use the Tron blockchain to facilitate in-game payments, bringing existing game items on-chain, and is considering to start offering some of these items through the newly developed, official Tron-based NFT marketplace built in collaboration with DeFine. Tron has seen remarkable partnerships in recent times. On Sept. 17, TRON announced the launch of Valkyrie TRON Trust with its strategic partner Valkyrie Funds Investments.
Key Levels
Resistance Levels: $0.1324, $0.1243, $0.1118
Support Levels: $0.0955, $0.0866, $0.0704
TRX/USD Daily ChartTRX holds within consolidation on Oct. 16 after a 22% spike the previous day. Friday’s climb to highs of $0.1094 retraced to close near the $0.098 mark where the bulls are presently consolidating. The flat RSI momentum near the 50 neutral levels warns of extended consolidation. A sustained break above today’s high of $0.1029 would open way towards $0.109 (Oct. 15 spike high).
A firm break of the $0.109 barrier will signal further advance and unmask targets at the $0.124 level (yearly high) ahead of the $2 psychological level. On the downside, the daily MA 50 and 200 form strong supports within the $0.0968 to $0.9072 region, which is expected to protect the downside.
TRX/USD 4-Hour ChartThe TRX/USD attempts to stabilize above the MA 200 ($0.0975) after the retracement from the previous day’s high of $0.1094. Tron has consolidated in a sideways market in the last 4-hours sessions, as the MA 200 has flattened and blended with the MA 50 to produce a positive convergence. However bullish momentum underpins and is expected to keep alive hopes for fresh upside attempts while the price holds above the MA 200.
That said, a repeated daily close above the MA 50 ($0.0984) is needed to confirm a bullish stance, with dip-buying to remain favored above $0.096 (minor ascending trendline support). On the downside, a break of the MA 200 and more significant $0.096 support would generate a bearish signal and risk further retracement to $0.094 and $0.091 levels.
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