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.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.