Tron (TRX) shows strong bullish signals after breaking out of a six-month consolidation range. With $343 million in reported revenue and growing trader optimism, can TRX reach $0.3226?
Currently trading at $0.2712, TRX has risen over 3% from the weekly low of $0.2626, as the trend gradually gains momentum. The price action hints at a potential post-retest reversal from the previous consolidation zone.
TRX Price Analysis
On the daily chart, TRX is trending upward, forming a local ascending support line. Last month, the price broke above the 23.60% Fibonacci level at $0.2634, signaling a breakout from the extended consolidation range.
This consolidation phase lasted nearly six months. Despite the breakout, TRX has hovered just above the upper boundary of the range, struggling to decisively break the $0.2806 resistance level.
However, a recent bounce off the local support trendline suggests a possible post-retest continuation of the bullish trend. The MACD and signal lines are approaching a potential bullish crossover, while the RSI is rebounding from the midline.
Together, these indicators point to an increased likelihood of a trend reversal. The next major resistance for TRX lies at the 50% Fibonacci level of $0.3226, representing an upside potential of over 18%.
Tron DAO Reports Strong May Growth
Adding fuel to the bullish outlook, Tron DAO recently reported robust network growth in May. The organization recorded $343 million in revenue, with global accounts reaching 310 million. The network also hosted 78 billion on-chain stablecoins and anticipates continued growth in June.
Optimism Rises in Tron Derivatives Market
In the last 12 hours, optimism has grown among TRX traders in the derivatives market. According to Coinglass, the long-to-short ratio measured by volume reached 53.54%, pushing the overall ratio to 1.1524.
This reflects a notable increase in bullish sentiment. With this wave of optimism, the derivatives market appears to be anticipating a further bounce in TRX price.
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.
