【Will TRON Break Through the Ascending Wedge to Rebound Above $0.20?】
Tron is rebounding as the market recovers, currently priced at $0.1685, up 5.18% in four days, recovering from $0.1602. TRX is challenging the 38.20% Fibonacci retracement level at $0.1686, forming a rounded bottom reversal, with hopes for a breakout.
From a technical perspective, TRX has grown 56.34% since the beginning of the year and is currently at the upper resistance line of an ascending wedge, with strong bullish sentiment in the market. TronScan data shows that the total value locked (TVL) has exceeded $18 billion, with a trading volume of $14.79 billion, close to 9 million transactions in the past 24 hours, and the total number of accounts has increased to 271.38 million, indicating a rising demand for TRX.
The MACD indicator shows a positive crossover supporting the bullish trend, and the arrangement of the 50-day, 100-day, and 200-day moving averages also gives a buy signal. If it successfully breaks through, the target prices are $0.1621 (50% Fibonacci) and $0.1959 (78.60% Fibonacci), with hopes of reaching the psychological level of $0.20.
If it fails to break through, it may retrace to the support level of $0.1650, with $0.1597 being the key support point.
