21.3 C
Manchester
May 18, 2024
BTC Hunts
Image default
Bitcoin

TRX Price Analysis: Will This Retest Drive TRX To $0.10?

The post TRX Price Analysis: Will This Retest Drive TRX To $0.10? appeared first on Coinpedia Fintech News

The notable uptrend for TRX price in 2023 is remarkable during this extremely volatile year, while multiple altcoins take a critical hit. As the uptrend in TRON breaks a new resistance and continues the uptrend, the momentum rally will reclaim higher levels. 

With the recent successful retest, the Tron price predictions hint at an uptrend to soon reach the overhead $0.10 mark. 

The slightly double-bottom reversal pattern leads to a bullish breakout of the $0.085 neckline, which proved a critical resistance in 2023. Moreover, with this breakout, the TRX price continues the uptrend with a significant year-to-date growth of 62%. 

Currently trading at $0.087, Tron shows an intraday fall of 0.13% but sustains above the crucial zone and maintains the breakout rally. 

Additionally, the recent lower price rejection that the TRX price takes from the $0.085 zone signals a successful retest of the bullish breakout. With this retest, the possibility of a positive trajectory for Tron increases significantly. 

Technical Indicators:
RSI Indicator:  Taking a short dip from the oversold zone, the RSI line crosses below and hints at a slight loss in bullish momentum. Nevertheless, the uptrend sustains and hints at a strong positive side. 

EMA: The 50-day and 200-day EMAs provide constant support to the uptrend on the daily chart, maintaining its upward momentum. The EMAs have confirmed the uptrend in Tron following the Golden Cross.

Will TRX Price Reach $0.10?

With the overall market taking recovery steps, the TRX price might sprint faster to the $0.10 mark than the anticipated predictions. However, the uptrend must sustain above the $0.085 mark to reach the bullish target. 

On the contrary, if bears dominate with overhead supply pressure, a reversal may emerge. This could challenge the bullish dominance at $0.083.

Related posts

Bitcoin Price Struggling Hard at $26,000; Is This the Time to Be Worried?

David Bradley

Top Analyst Foresees a Major Drop in Ethereum Prices- Here’s the Timeline

David Bradley

Algorand Price Analysis: ALGO Prices Back AT $0.10, Traders Confused In A Fakeout or Restest?

David Bradley