TRON PRICE ANALYSIS: Bulls Show Strength: Will the Rally Continue?

Tron is recovering, regaining ground lost in mid-August.

In 2023, TRX exhibited a bullish trajectory. A sideways movement occurred between $0.075 and $0.077 following a pullback. TRX swiftly rebounded from the 200-day EMA, reentering this consolidation range. Furthermore, Tron's price action resembles a potential inverted head-and-shoulders pattern, accentuated by the V-shaped reversal.

Tron's price exhibits positivity above $0.080 against the US Dollar, surpassing Bitcoin's performance and possibly aiming for another uptick to $0.10. In the prior Tron price analysis, we discussed the potential for further TRX gains against the US Dollar, as TRX established support above $0.0770 and initiated another ascent.

The move decisively breached the $0.080 resistance area, outperforming Bitcoin in the process. The price even surged past $0.082, reaching a peak around $0.08286, but it is currently undergoing a corrective phase below the 23.6% Fibonacci retracement level.

TRX currently trades above $0.07900 and the 100-hour simple moving average. Additionally, a bullish trend line is taking shape, connecting with support near $0.07750 on the 4-hour chart for the TRX/USD pair.

The bullish breakout implies a potential TRX price surge towards the $0.085 resistance level, potentially forming a rounding bottom pattern. If this pattern materializes, it could pave the way for TRX to reach $0.10 before the end of 2023.

Upside potential includes initial resistance at $0.0815, followed by a significant barrier at $0.0828. A break above $0.0850 could lead to further gains, targeting $0.100. Failing to surpass $0.0815 may result in gradual decline, with support at $0.080, followed by $0.0780. Further downside could test $0.0750 or the trend line, with a major support at $0.0720.

Based on Coingabbar Price Analysis, the TRX has a market value of $7,197,977,401. The coin's 24-hour trading volume is around $326,662,192.

KEY LEVELS :

RESISTANCE LEVEL : $0.080300-$0.08600

SUPPORT LEVEL : $0.07800-$0.07500

Will the recovery continue to gain momentum? Can TRX price reach $0.10? Is TRX once again outperforming Bitcoin and ETH, making $0.10 a possibility? Are there adequate supports for TRX during dips? Share your thoughts in the comment box below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.