- TRX is consolidating within a range, with overhead resistance at the 23.60% Fibonacci level around $0.2569 and support at $0.2178.
- Technical indicators, including an RSI climbing above the halfway mark and a bullish MACD crossover, suggest rising momentum.
- Analyst Ali Martinez points to a potential parallel channel breakout, with a key support at $0.17.
Tron (TRX) is showing signs of mixed bullish momentum as it consolidates in a well-defined trading range. TRX has lost 1.5% over the past 24 hours, while it had shown signs of slow recovery. The asset is working within a consolidation range where technical analysis points to a potential breakout rally that could propel the price higher.
On the daily chart, TRX’s price action is contained within a range marked by an overhead resistance at the 23.60% Fibonacci level, approximately $0.2569, and support near $0.2178. This range is significant because it indicates that while the token has maintained stability amid market fluctuations, it is also ripe for a breakout if buying pressure increases.
The recent uptick in the daily RSI, which has moved above the halfway mark, along with a bullish crossover in the MACD and signal lines, signals that momentum is building and could lead to a decisive move.
Tron is trading in a parallel channel
Analyst Ali Martinez supports this view by highlighting that Tron is trading within a parallel channel. According to Martinez, as long as bulls maintain control, particularly by defending the key support at $0.17, a breakout above $0.26 could be on the horizon.
Once this resistance is cleared, the next major target is the 50% Fibonacci level at the $0.30 psychological mark. This potential breakout would not only validate the current bullish sentiment but also signal the beginning of a new swing high for TRX.
In summary, although TRX is currently consolidating and facing resistance, the technical indicators and rising liquidity suggest that the bulls might soon drive a breakout. Investors should monitor key levels closely: a sustained move above $0.2569 and a robust defense of support at $0.2178 will be crucial. If these conditions are met, a rally toward $0.30 could materialize, marking a significant upswing in TRX’s price action.
