Currently, everything seems to be going in the favour of Tron (TRX). The number of users on Tron’s blockchain has crossed 1 million mark as well. Considering the fact that the Main net was launched this very year, this is actually a pretty significant feat. At the same point in time, the founder of Tron (TRX), Justin Sun is leaving no stone unturned in order to gain more users for the blockchain. This is the reason why it is gaining more and more prominence and the price of Tron coin is also increasing rapidly.
What are the next levels to watch out for Tron (TRX)?
Currently, Tron coin is trading around $ 0.0203. The nearest support for Tron coin is around $ 0.0189. The next support is around $ 0.0180. This means that there are a couple of supports around those levels. However, those levels are still around 10% away. Thus, there is a downside space available for Tron coin before it can bounce back. These are actually strong supports.
On the upper side, the resistance is around $ 0.0215. These are the levels from which it has fallen in the last couple of days. That is why; this will act as a strong resistance on the higher side. Once it crosses this, the next resistance is around $ 0.0242. Thus, on the upper side, there are quite a few resistances. It seems like it in spite of the improving fundamentals, the rally will not be continuous.
The peaks in the rally are actually beneficial for the investors who want to enter Tron (TRX) at the current levels. However, you have to keep in mind that in the past one month also, Tron coin has rallied by a significant amount. This is the reason why you have to always be careful about investing in cryptocurrencies which have rallied recently. They can easily give up their gains as well. Only when you are able to get them near the supports, you should think about investing.
Thus, if you’re thinking of rising momentum and investing in Tron (TRX) at the current levels, it is a good idea to be patient. Once you get Tron (TRX) around the support levels, you can think about investing. However, then also there is a risk as it can break the support levels in the shorter term.