TRON

The short-term downturn in market momentum saw <a href="https://www.blockhead.co/tag/tron/" rel="noopener noreferrer nofollow">Tron</a> (TRX) quickly retest the new support level of $0.1085. This was after buyers flipped the resistance level to support with a 10% pump.This retest of the support level provides a low-risk entry for buyers with TRX still firmly on an upward trajectory.<h3 id="bulls-sustain-momentum-despite-price-dip">Bulls sustain momentum despite price dip</h3>The bullish attempt to break past the $0.1085 had been repelled multiple times over the past month. However, the break of the level has positioned TRX for further gains.With the bearish pushback producing a quick retest of the new support level, buyers can adopt a short and long-term strategy to maximize profits.The short-term strategy can see buyers enter at the current market price of $0.1091 with a profit target of $0.12-$0.13 for 10-15% gains.On the other hand, the long-term target lies at $0.16 for 50% returns. However, buyers must scale the significant selling pressure at $0.14 for the long-term profit target.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/92acf5966619413a806d28c9853cbe66.png" />TRX/USDT Price Chart on TradingView (Daily Timeframe)An analysis of the on-chart indicators showed growing buying momentum. Despite the price retracement, the Relative Strength Index (RSI) stood at 56. This hinted at a willingness of buyers to hold their positions in anticipation of a price reversal.Furthermore, the Chaikin Money Flow (CMF) highlighted the capital inflow back into TRX with the indicator nearing the zero mark.With the four-hour time frame producing a bullish candle close above the support level, TRX can seize this opportunity to ride the higher low for decent short-term gains.Entry: $0.01091 (CMP)Target: $0.12-$0.13Stop loss: $0.107Key price levels to watch: $0.0108Subscribe to Blockhead&#39;s daily newsletter for <a href="https://www.blockhead.co/#/portal/signup" rel="noopener noreferrer nofollow">FREE </a>and stay in the loop on digital assets. Follow our <a href="https://twitter.com/blockhead_co" rel="noopener noreferrer nofollow">X</a> and <a href="https://t.me/blockhead_co" rel="noopener noreferrer nofollow">Telegram </a>for our latest updates too!

Tron: Price Analysis for 10-15% Gains

Table of Contents

Blockhead

Other articles published on Jan 18, 2024

Bonk Price Prediction as BONK Makes a 30% Comeback – Can It Lead the Meme Coin Rally?

Cardano Avg. Trnxs hit $13 billion, is this a bullish sign?

Shiba Inu (SHIB) Alternative Now At Only $0.006 Is Predicted To Soar To $17 In 2024

What Impact Will Expiry of $60M in Ethereum (ETH) Options Have on the Price

Bitcoin’s Bullish Signals: Analysts Predict Potential Surge Amid Historical Indicator and Narrati...

Justin Sun moves SHIB, FLOKI, LINK, what is he up to?

Join our free newsletter for daily crypto updates!