After a week of underperformance, Tron starts the week with price surging.
Tron is the top performer in the top ten cryptocurrencies over the past 24 hours with data from Messari recording a 4.55% increase.
Price had been meeting support at the 200 exponential moving average (EMA).
Price tested this level a number of times, but any drop below was quickly rejected by traders with the price rising back up.
The price spike today rose to the level of where the last high closed around $0.0293.
It has since dropped back to around $0.0273 with $0.028 being a key level to monitor.
$0.028 has acted as an important point of resistance for price action over the past few weeks.
Any breaks significant breaks above $0.028 in recent trading have brought significant liquidity into the market.
The spike today took place on significant volume, but we can see it reversing quickly upon reaching the close of the last high.
The close of the last high was also the point where price sharply broke down in late January.
Tron looks to have returned to its recent trend of outperformance compared to other cryptocurrencies.
Other top cryptocurrencies such as Bitcoin have started the week within a tight trading range.
- Tron starts the week with a spike but meets resistance at the closing point of the last high.
- Price has since returned back below $0.028 which has acted as an important resistance point in recent trading.
- Price had been meeting support at the daily 200 EMA before spiking. This the key level to monitor for support in the event of a drop.
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Tron [TRX] Price Action – Tron Starts Week With a Surge was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.