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.
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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