TRX price rose 12% overnight, watch $0.27 next!
On the weekly chart, TRX showed a cup-and-handle pattern breakout, up 18.78%, with 4 days left this week. In the short term, TRX price formed a morning star pattern during the recent market downturn.
3 consecutive weeks of bullish candles support the bullish outlook, up 37.60% in the past 2 weeks.
Currently, TRX is trading around $0.16, breaking the neckline at $0.1433, despite a small intraday correction of 0.84%. The long tail of the intraday candle indicates strong underlying demand for Tron, suggesting a gradual but steady rise in prices.
TRX price action in the daily chart shows a trend reversal rebound from the support trendline.
Technical indicators:
RSI indicator: The weekly RSI surged to the 70% overbought boundary, reflecting a massive demand surge.
MACD: The weekly MACD indicator indicates a continuation of the bullish trend as it has avoided a bearish crossover. Hence, with a new bullish histogram, the MACD indicator supports the chances of an uptrend.
Will TRX Price Reach $0.30?
As TRX price breaks above the neckline at $0.1433, it will approach the 1.618 level, which is $0.16922. Moreover, during the past 14 days of bullish trend, TRX has seen limited bearish activity with only four bearish candles. Hence, the price action indicates strong demand for TRON in the market.
According to the Fibonacci levels on the weekly chart, the continued upward momentum could test the 1.618 Fibonacci level at $0.2744. However, if the broader market loses momentum, a minor retest is likely.
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