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Sohrab Khawas
Sohrab Khawas
Author
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 13, 2023 08:02 UTC
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TRX Price Analysis: Here’s How TRX Price Will Reach $0.10!
TRX price action shows a range breakout to reclaim the $0.080 mark.
TRX price also displays a bullish pattern breakout to reach $0.10.
The MACD and RSI indicators maintain a bullish stand.
TRX price analysis shows an overall bullish trend in 2023. The Tron coin price has a year-to-date growth of 48.45%. This leads to a strong support trendline visible in the daily chart. However, the Tron price met critical resistance at $0.085. This led to a pullback to the 200-day EMA.
A sideways trend formed between $0.075 and $0.077 during this pullback. After a sharp V-shaped reversal from the 200-day EMA, the TRX price entered this consolidation range again. Moreover, the Tron price action mimics a potential inverted head-and-shoulder pattern with the V-shaped reversal.
A recent bullish reversal allowed the TRX price to rise above this pattern. After a post-retest reversal, the altcoin price increased by 4% yesterday. It is now trading at $0.080. There has been an intraday pullback of 0.49%.
The bullish breakout suggests that the Tron price might hit the resistance of $0.085. This could complete a rounding bottom pattern. Completing this pattern might lead the TRX price towards $0.10 before 2023 ends.
Technical Indicators:
RSI Indicator: The RSI trend remains bullish and approaches the overbought region.
MACD Indicator: The MACD indicator also reflects a positive trend.
Will TRX Price Reach $0.10?
If the buying pressure continues, the TRX price might surpass $0.085. This would create a new swing high in 2023. On the contrary, if bears dominate the 50-day EMA, a downtrend may emerge. This could challenge the bullish dominance at $0.071, aligning with the 38.20% Fibonacci level.
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