With a rounding bottom reversal, Tron (TRX) prepares for a rising wedge breakout rally. Will this uptrend cross $0.20?
Tron is showing a recovery rally as the broader market gains momentum. Currently trading at $0.1685, TRX has risen by 5.18% over the past four days, up from the $0.1602 level.
As the bull run nears a rising wedge breakout, the TRX price is teasing a high-momentum rally. Could this rally push TRON past the $0.20 mark? Let’s take a closer look.
TRX Price Analysis
With four consecutive bullish candles, Tron’s price trend is now challenging the 38.20% Fibonacci level at $0.1686. This marks a rounding-bottom reversal with a neckline at the same Fibonacci level.
On a broader scale, the TRX price action is forming a rising wedge pattern following the bull run in August. Year-to-date, TRX has grown by 56.34%.
The rounding-bottom reversal is now challenging the overhead resistance line of the rising-wedge pattern. As the broader market recovers, the chances of a bullish breakout are increasing.
TronScan Reveals Positive Network Metrics
As Tron stands on the verge of a bullish breakout, TronScan reveals positive numbers over the network. The total value locked (TVL) has surpassed $18 billion, with a total transfer volume of $14.79 billion.
Transactions over the past 24 hours have surged, approaching 9 million daily transactions, currently standing at 8.92 million. Additionally, the number of total accounts has increased by 220,000, bringing the total to 271.38 million.
With increasing TVL and transaction volumes, demand for TRON is likely to continue rising.
Tron Price Targets
Supporting the bullish trend, the MACD indicator has shown a positive crossover as negative histograms decline. Meanwhile, the 50-day, 100-day, and 200-day SMAs remain in a positive alignment, signaling a buy signal for TRON.
If the breakout occurs, the trend-based Fibonacci levels suggest targets at $0.1621 (50% Fibonacci) and $0.1959 (78.60% Fibonacci). With the broader market recovering, the likelihood of TRON reaching the psychological $0.20 level has significantly increased.
On the downside, failure to break through the 38.20% Fibonacci level could lead to a pullback to the rising support trend line near $0.1650. Below that, the 23.60% level at $0.1597 serves as a crucial support level.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
