Tron (TRX) has rallied impressively this week. The coin is now trying to surge past a strong resistance zone. With good recovery momentum, TRX could see more gains in the near term before any correction. Here are important takeaway points:
TRX is trying to surge past the $0.075 resistance zone
If Tron is successful, it could trigger a decisive bull run with impressive gains
Recovery momentum could play a key role in pushing the price above this mark.
Data Source: Tradingview
Tron (TRX) – why $0.075 matters
Over the last few weeks, the $0.075 mark has been a huge selling point for TRX. In fact, every time the coin has tried to test this resistance, it has largely been rejected and fallen sharply thereafter. But things are now different.
First, TRX is very close to this price. It only needs to gain less than 5% to smash past the resistance. Secondly, the coin already has strong recovery momentum. TRX has been trying to pair up some of the losses reported in mid-May. As a result, it has significantly rallied in the last 7 days. We expect this momentum to push the coin well above $0.075.
But what does this mean for TRX bulls? Well, for starters, converting $0.075 from resistance to support would give the coin a very decent point of consolidation. This could then provide the basis for a decisive bull run that could push TRX well above $1.
Can TRX hit all-time highs in 2022
In general, the crypto market appears to have underperformed in 2022. There is of course a lot of time left for sentiment to turn around.
But based on what we have seen over the last 6 months, it is unlikely that Tron will hit ATHs in 2022. Despite this, the coin still has the potential to offer 2x or 3x in returns from the current price.