TRON PRICE ANALYSIS CMP-$0.08580: Will the market see a bullish rally?

TRX has decisively broken out after a long consolidation

Over the last 24 hours, the TRX token has shown a subtle uptick of 1.00%, bringing its price to $0.08550. This rise comes after a month of consistent stability, during which the token maintained a trading range between $0.08 and $0.09. As of now, TRX commands a market capitalization of $7.62 billion.

On The Daily Chart :

Tron (TRX) has embarked on an impressive price surge against the US Dollar, outpacing Bitcoin in terms of its recent gains. This bullish momentum initiated when TRX exceeded the $0.0830 threshold, and there's potential for further growth if it can successfully breach the $0.0860 resistance barrier.

In recent days, Tron's price has enjoyed a consistent uptrend, finding strong support around $0.0795 and maintaining consolidation above the $0.080 mark. Bulls demonstrated their strength by successfully breaking through significant resistance levels at $0.0820 and $0.0832. Following several attempts, TRX finally managed to surpass the critical resistance zone at $0.0850, reaching a peak around $0.08597. Presently, TRX is trading above $0.0845 and is well-supported by the 50-hourly simple moving average, hinting at the potential for further gains in the near term.

On The 4-Hour Chart :

After an extended consolidation on the 4-hour chart, TRX has decisively broken out with significant trading volume. Positive technical indicators include an RSI above 70 and a bullish MACD with a green histogram. TRX is currently trading above its 20, 50, 100, and 200-day moving averages. Maintaining a closing price above $0.08500 could potentially propel TRX to the $0.09000-$0.09500 range soon.

Based on Coingabbar Price Analysis, the TRX has a market cap of $7,654,989,949. The coin's 24-hour trading volume is around $219,330,238.

KEY LEVELS :

RESISTANCE LEVEL : $0.08800-$0.09100

SUPPORT LEVEL : $0.08400-$0.08200

Is the ongoing recovery gaining momentum, and is there potential for TRX to reach $0.10? With TRX seemingly outperforming Bitcoin and ETH, could $0.10 become a realistic possibility? Are there sufficient support levels in place for TRX to withstand any potential dips? Please share your insights 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.