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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Sep 05, 2023 08:01 UTC
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TRX Price Analysis: Will The Flat-moving TRX Price Cross $0.085?
TRX price action shows a remarkably long consolidation range between $0.075-$0.078.
TRX's price moves closely with the 50-day EMA, teasing a potential breakout.
A bullish rally can push the TRX price higher to $0.085.
Maintaining an upward trend in 2023, the TRX price maintains a year-to-date growth of 42.97% and forms the 52-week high at $0.085. The rising trend in Tron price comes with a fair share of corrections in relation to Bitcoin, giving rise to a multi-contact support trendline.
Trading at a discount of 17.59% from its 2023 high of $0.094, TRX price hinges at the $0.076 mark. Moreover, the Tron price trend maintains the positive alignment of the 50 and 200-day EMA after the golden crossover. A feat that many altcoins are failing to achieve or sustain in 2023.Â
Currently trading at $0.07765, the TRX price displays a 0.80% growth within 24 hours. It also reflects the ongoing positive cycle in the consolidation range.Â
Will The Hibernating TRX Price End On A Bullish Note?
The 1-day Tron price chart shows the TRX price going flat-lined at 23.60% Fibonacci level at $0.076. This leads to a consolidation range between $0.075-$0.078 in the shorter timeframes. Moreover, the Tron price moves along with the 50-day EMA, displaying a hibernating state for almost two weeks.Â
During the ongoing hibernation, the MACD and RSI indicators are signaling some bullish whispers. The MACD indicator shows a positive alignment with the RSI line sustains above the halfway line.Â
A breakout on either side of the consolidation range is set to determine the upcoming TRX price trend. If the TRX buyers break above $0.078, the breakout rally will cross the $0.085 swing high. Potentially, the TRX price can reach the psychological mark of $0.10.
On the flip side, the TRX prices can plunge to the 38.20% Fibonacci level at $0.067.
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