- TRX is consolidating within a range, with overhead resistance at the 23.6% 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 gained 2.14% over the past 24 hours, showing signs of recovery. The asset lately found support at $0.2346. At the time of writing, TRX is trading at $0.2448 as per data from CMC. Moreover, 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 23.6% Fibonacci level, at around $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. Moreover, the price has been consolidating within a range for quite some now as seen in the chart below.
The recent uptick in the daily RSI, which has moved above the halfway mark, currently at 53.86 as per data from TradingView, along with a bullish crossover in MACD, signals that momentum is building and could lead to a decisive move.
TRX Trading in a Parallel Channel
Crypto 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 crossed, 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 likely beginning of a new swing high for TRX.
In summary, TRX has shown brief uptick despite facing resistance. Moreover, 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 likely materialize, marking a significant upswing in TRX’s price action.
