Tron price is approaching a breakout above $0.25, with on-chain data suggesting a bullish outlook toward $0.40.
As the broader market recovers, Tron is preparing for a significant breakout rally. After months of consolidation, the bullish potential for TRX is substantial. With rising Total Value Locked (TVL) and positive on-chain signals, could this momentum push TRX toward $0.40?
Tron Price Analysis
On the daily chart, Tron’s price trend is showing a bullish comeback, testing the psychological $0.25 level. This level aligns with the top of a consolidation range that has been forming since mid-January, with a floor price at $0.21.
Over the past four days, TRX has surged nearly 9%, and last week, the price jumped around 11% from $0.23 to $0.25. As of now, TRX is trading at $0.2565, registering a 0.83% intraday recovery.
The continuous bullish candles on the daily chart indicate that a breakout from the consolidation range is increasingly likely. Technical indicators also support a potential strong upward move. The Supertrend indicator has turned positive, with TRX moving above the Supertrend average line. Additionally, the MACD indicator is showing bullish histograms, signaling a trend reversal.
According to trend-based Fibonacci levels, the breakout from the consolidation range could face resistance around the 73.6% retracement level at $0.2664. If this level is cleared, the uptrend could target the 67.8% retracement level near $0.40.
On the downside, support at $0.21 is likely to hold, making a bearish reversal less probable.
Tron TVL Hits $5B, On-Chain Data Targets $0.51
As TRX nears a major breakout, the Total Value Locked (TVL) in Tron’s DeFi ecosystem has surpassed $5.052 billion.
This surge in TVL is accompanied by a rise in decentralized exchange (DEX) volume. The volume has reached $119.66 million, with daily transactions hitting $9 million, according to DeFiLlama.
Meanwhile, the price temperature data from CryptoQuant also reflects the growing bullish sentiment for Tron. TRX is approaching its one-year moving average plus two standard deviations at $0.2927.
A breakout above this level could push the price toward the one-year moving average plus six standard deviations at $0.5172.
On the flip side, the price temperature shows key support for Tron at the one-year moving average of $0.1804, which should hold if a bearish reversal were to occur.
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.
