TRON Price Rises 0.60% to $0.08067: Key Insights for TRX Traders on July 20, 2023

The price of TRON's TRX token increased by 0.60% over the last 24 hours to reach $0.08067 at the time of writing. This mild uptick signals a potential trend reversal after a 3.71% decline over the past week. Here are the key things TRX traders should know:

Current TRX Price Levels

TRX is currently trading at $0.08067, up from $0.08025 yesterday. While not a major surge, this move ends the recent downward pressure. However, TRX remains far below its all-time high of $0.30 reached in January 2018 during the crypto mania. Current prices could offer an opportunity for value.

Trading Volume and Market Cap

TRX trading volume over the last 24 hours was $161 million, up from its average daily volume. This points to growing market interest in TRX. The token still holds a top 30 market cap position at $7.2 billion, giving it strong fundamentals.

Technical Indicators

Analyzing key indicators, the daily RSI has risen to 51, exiting oversold levels. The MACD line also crossed over the signal line upward in a bullish sign. The 20-day moving average held as support. The technicals suggest upside momentum is building.

Key Support and Resistance Levels

Immediate resistance lies at $0.0815 and $0.085 where TRX struggled to push higher recently. Stronger resistance sits around $0.10. Support levels to watch are at $0.080 and $0.075. As long as TRX stays above support, the path of least resistance seems skewed upward.

Project Development and Adoption

A key factor boosting TRON's value is its steady blockchain development and DApp adoption. The number of active DApp users recently surpassed 3.2 million. Initiatives like the $300 million DeFi fund also aim to drive ecosystem growth. Real-world use cases reinforce TRX's value.

Should Traders Buy the TRX Dip Now?

Given the bounce off support and bullish technical factors, current prices present a solid opportunity to buy the dip before TRX potentially trends higher. As always, managing risk is key. Dollar cost averaging can smooth out volatility. Seeking value around key support areas could produce better entries. Overall, TRX appears positioned for more upside after recent weakness.

What Are the Next Likely Price Targets for TRX Bulls?

Looking at the market structure, TRX bulls should target the $0.10 level next after breaking resistance at $0.085. Beyond that, conquering the $0.12 level could pave the way to retest the 2022 high around $0.16. If buying pressure persists, TRX could make a run at its all-time high around $0.30. However, bear trends in the broader crypto market could lead to pullbacks. Traders can look to buy on dips, taking profits on strength. With its strong blockchain adoption, TRX seems to have room for long-term growth.

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