Going long in an impressive uptrend in 2023, TRX price sustains the higher high formations. With the $0.085 breakout this September, the ‘Uptober’ spirit came early for Tron investors as the market price reached $0.090 by the third of October.
Sustaining the uptrend with a successful retest of the broken zone, the TRX price prediction holds the spirit high.
As buyers overcome the short correction phase, the small dent in the Uptober rally of TRX price becomes less prominent. Moreover, the high demand for Tron at lower levels is clearly evident as the trend reverses quickly over the weekends.
Currently trading at $0.08757, Tron shows an intraday growth of 0.71% and projects a healthy bullish sentiment around the altcoin. Prior to the intraday growth, the buyers’ hoarding at $0.085 led to a 2.44% last night, creating a bullish engulfing candle.
Additionally, the consecutive bullish candles with the increased spirits reflect a prolonged uptrend possibility in TRX price.
Technical Indicators:
RSI Indicator: Taking a short dip from the oversold zone, the RSI line bounces back with the recovery rally. As the uptrend sustains, the RSI indicator hints at a positive rally.
EMA: The 50-day and 200-day exponential moving averages support the uptrend on the daily chart, maintaining its upward momentum. The EMAs have confirmed a golden crossover, indicating that the bulls are in control and that the price will likely continue to rise.
As the overall market recovers, the TRX price may reach the $0.10 mark with the ongoing post-retest reversal rally. However, the uptrend must exceed the $0.091 mark to reach the bullish target. Supporting the bullish thesis, the upcoming Bitcoin Spot ETF can have a positive impact on altcoins.
Conversely, a reversal could occur if bears take control and there is overhead supply pressure. This could challenge the bulls’ dominance at $0.083.
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