TRON (TRX) price action has attracted interest in the crypto market with analyst Javon Marks’ analysis highlighting a strong upward trend in its price. Marks highlighted a major breakout from a long-term pattern, suggesting TRX may be on a path to higher price targets.
At press time, TRON is trading at $0.2608, reflecting a 3.90% increase over the last day and a 9.21% rise in the past week, according to CoinGecko. This price action continues to align with the projected momentum following the breakout.
Logarithmic Falling Wedge Breakout and Initial Rally
Marks’ analysis points to a falling wedge pattern that spanned several years. This technical formation, marked by converging trendlines, typically signals a potential reversal of downtrends. TRON’s price broke out from the pattern, confirming a shift toward a bullish trajectory.
Following this breakout, TRX recorded a 300% rally. This movement corresponds to the measured height of the widest section of the wedge, which historically serves as a reliable indicator of potential gains. The breakout has also established a foundation for long-term bullish momentum.
Next Price Target of $1.11 Supported by Fibonacci Extensions
Marks projects a target price of $1.11 for TRX, representing an additional 444% increase from current levels. This target is derived from the 1.618 Fibonacci Extension level, a key tool in technical analysis for identifying future price movements.
The path to $1.11 depends on TRX maintaining its current support levels around $0.25–$0.30, which previously acted as resistance.
Should prices fail to hold at this level, TRX may retest lower boundaries of the wedge. Conversely, breaking above immediate resistance at $0.45–$0.52 could validate the continued bullish trend.
Read also: Expert Maps Stellar (XLM) Price Path to $1, But There’s a Catch
Long-Term Bullish Indicators Reinforce Momentum
TRX’s price movements also suggest a bullish continuation pattern, characterized by a series of higher highs and higher lows. This trend has been bolstered by the logarithmic growth observed post-breakout.
Marks emphasized the alignment of Fibonacci projections with the $1.11 target, strengthening the case for TRON’s upward trajectory. With resistance levels clearly defined and historical patterns backing the analysis, the price outlook remains optimistic.
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