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Tron ($TRX) shows strong bullish signals after breaking out of a six-month consolidation range. With $343 million in reported revenue and growing trader optimism, can $TRX reach $0.3226?
Currently trading at $0.2712, $TRX has risen over 3% from the weekly low of $0.2626, as the trend gradually gains momentum. The price action hints at a potential post-retest reversal from the previous consolidation zone.
$TRX Price Analysis
On the daily chart, $TRX is trending upward, forming a local ascending support line. Last month, the price broke above the 23.60% Fibonacci level at $0.2634, signaling a breakout from the extended consolidation range.
This consolidation phase lasted nearly six months. Despite the breakout, $TRX has hovered just above the upper boundary of the range, struggling to decisively break the $0.2806 resistance level.
However, a recent bounce off the local support trendline suggests a possible post-retest continuation of the bullish trend. The MACD and signal lines are approaching a potential bullish crossover, while the RSI is rebounding from the midline.
Together, these indicators point to an increased likelihood of a trend reversal. The next major resistance for $TRX lies at the 50% Fibonacci level of $0.3226, representing an upside potential of over 18%.
Tron DAO Reports Strong May Growth
Adding fuel to the bullish outlook, Tron DAO recently reported robust network growth in May. The organization recorded $343 million in revenue, with global accounts reaching 310 million. The network also hosted 78 billion on-chain stablecoins and anticipates continued growth in June.
Optimism Rises in Tron Derivatives Market
In the last 12 hours, optimism has grown among $TRX traders in the derivatives market. According to Coinglass, the long-to-short ratio measured by volume reached 53.54%, pushing the overall ratio to 1.1524.
This reflects a notable increase in bullish sentiment. With this wave of optimism, the derivatives market appears to be anticipating a further bounce in $TRX price.
