thecryptobasic.com
Tron is aiming for a channel breakout rally as the broader crypto market regains momentum. Could this breakout propel TRX price beyond $0.30?
As Bitcoin recovers above the $103,000 mark, altcoins are gradually bouncing back from the recent pullback. Among these, Tron is on the verge of a significant breakout rally.
With a potential golden crossover and a channel breakout, TRX’s price trend signals a possible upside move of over 30%.
Tron Price Analysis
On the 4-hour chart, TRX’s price trend reveals a falling channel pattern. Currently, Tron is maintaining a positive cycle within the bearish channel, with local support holding the trend.
The TRX price trend marks a third bullish reversal and looks set to challenge the upper channel line. As the recovery continues, the increasing bullish momentum suggests a potential golden crossover between the 20 and 50 SMA lines, further strengthening the bullish outlook.
Additionally, with the V-shaped reversal in the 4-hour chart, the RSI has reached the halfway level, signaling renewed buying interest. Essentially, technical indicators are giving a buy signal as demand increases.
At present, Tron is trading at $0.247790, showing a modest 3.40% intraday gain. The recent lower price rejection hints at a possible breakout rally. Accordingly, bulls may find an entry opportunity above the $0.25 psychological mark, aligning with the ongoing shift in momentum.
TRX Price Targets
Using Fibonacci retracement levels, the breakout from the falling channel could trigger a substantial price jump. The rally might first face short-term resistance at the $0.30 psychological level, which aligns with the 38.2% Fibonacci level.
Beyond that, the price could target the 50% Fibonacci level at $0.3282, representing a price surge of more than 30% from its current value.
However, on the downside, a failure to maintain bullish momentum could see a retest of the support trendline near the 100-SMA level at $0.2418.