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Tron (TRX) price analysis suggests the possibility of a range breakout rally. Is a price jump to $0.30 on the horizon?
With the crypto market witnessing the next potential bullish recovery, Tron has increased by 1.5% over the past 24 hours. Known for being one of the less volatile coins in recent days, Tron continues to maintain a strong sideways consolidation.
Currently, it is trading at $0.2465 with an intraday recovery of 0.83% as it tests the overhead ceiling. Will a breakout rally in TRX lead to a new swing high? Let’s find out.
Tron Price Analysis Hints Range Breakout Rally
On the daily price chart, TRX’s price action shows a consolidation range, with the overhead ceiling at the 23.60% Fibonacci level, priced at $0.2569.
On the other hand, Tron continues to find support at $0.2178. After multiple lower price rejections, the TRX price is now challenging the intermediate resistance at $0.2489.
Having maintained a sideways shift since mid-January, Tron has withstood the massive fluctuations in the crypto market. This indicates stability in the altcoin, which increases the chances of a bullish recovery as the market stabilizes.
Currently, the consolidation range has trapped trend momentum, and a breakout on either side could result in a high-momentum move. The daily RSI has resurfaced above the halfway mark, signaling a boost in trend momentum.
Additionally, the bullish crossover in the MACD and signal lines suggests a potential breakout. Therefore, technical indicators are pointing to strong bullish potential.
Analyst Signals Parallel Channel Breakout Rally
Supporting the possibility of a breakout to a bull run in Tron, crypto analyst Ali Martinez highlights key support at $0.17. According to the analyst, as long as bulls maintain control at this crucial level, they will dictate the overall trend.
Martinez also points to a consolidation range within a parallel channel. A bullish breakout above $0.26 could set the stage for the next bull run.
Key Price Targets
Based on Fibonacci levels, a bullish breakout above the 23.60% Fibonacci level at $0.2569 will likely test the 38.20% level at $0.2845.
Optimistically, the 50% Fibonacci level at the $0.30 psychological mark could be a key price target. On the downside, crucial support remains at $0.2178.