🔥💥Bull Week Brings 20% Recovery to TRX Price
Along with the large-scale market correction, the TRX price movement exhibits a phase that tests the psychological sign of $ 0.12. But the underlying demand, coupled with a large number of bullish catalysts, led to a positive turn.
As the buying pressure increases and the overall market sentiment improves, a potential increase in the value of the Tron token is predicted. Our TRX price forecast predicts that a long-term upward trend will reach $1 in 2024, with the possibility of reaching $0.20.
The Reversal of the Trend Has Found Momentum
The TRX price, which has a downward trend from the resistance of $ 0.1433, failed to surpass its peak levels in May 2021. A 20% retreat with multiple weekly decline candles reduces the market value to almost $ 0.10.
However, the strong demand for the psychological mark of $ 0.10 and the prevailing upward trend create the perception of buying from the bottom for #TRON . In addition, the 61.80% Fibonacci level and the long-standing support trendline increase the bullish effect at lower levels.
Currently, the #TRX price is trading at $ 0.1184 with a weekly yield of 6.28%, creating a swallowing bullish candle. In addition, the price movement reflects the formation of the morning star formation in an area of significant interest (AOI) and increases the likelihood of a reversal of the bullish trend.
Technical Indicators:
RSI Indicator: The weekly RSI line shows an upward turn from the midline and reflects the increase in the underlying upswing.
MACD: The downward trend in the MACD and the signal lines is turning sideways as buying pressure resurfaces. This increases the chances of a potential bullish transition. The decreasing density of the decline histograms supports this thesis.
Will the TRX Price Reach $0.20?
As buyers continue to dominate above the psychological mark of $ 0.10, there seems a high probability that the reversal rally will bounce to $ 0.15. The uptrend, which continues the upward momentum, may reach the $0.20 level.
