TRX Price Assessment: Can the TRX Price breakout be maintained?

Investor sentiment has remained positive for several months, and TRX has been on a general upward trend since mid-November. The price has adhered to the trendline for the past seven months. Currently, TRON holds the 25th position in altcoin rankings, with a total market capitalization of $6.2 billion.

At this moment, following a breakout above the consolidation price of TRX, the oscillators indicate that it is approaching overbought territory. This suggests that a correction may be imminent.

The TRX price has achieved a bullish breakout (Daily Timeframe)

Source: TRX/USDT by TradingView

Recently, TRX’s price has exited its consolidation channel, as noted in previous analyses. The price had been consolidating within a parallel channel for over a month, making the bullish breakout long anticipated.

The likelihood of a bullish breakout was assessed to be higher, despite historical price movements, as the price was trading within the demand zone above the significant EMAs. However, the strength of the breakout is not particularly strong. A retest is anticipated before the trend continues.

Technical Analysis of TRX Price (1 Day Timeframe)

Source: TRX/USDT by TradingView

TRX’s price is currently facing bearish pressure across most major cryptocurrency exchanges. If it does not attract buyer support from current levels, a decline of 5% to 7% could occur in the coming weeks.

After two months of consolidation near the median line, the RSI line has recently crossed above the 50 mark and the 14 SMA. The current RSI value is 60.48, while the 14 SMA is at 53.67. If the RSI moves above the median line with strength, it will signal a bullish trend for the price, although it currently suggests a retest through the 14 SMA.

At present, the Stochastic RSI is poised for a reversal from the overbought zone on the daily timeframe.

Conclusion

Analysis indicates that TRON’s price has recently surpassed the consolidation phase, showing a slight increase within 24 hours. Oscillators suggest a minor bearish correction may be forthcoming; however, the price has significant support zones below. It is possible for the price to attract buyer support from its next support level, leading to the conclusion that the long-term trend for TRX remains bullish.

Technical levels –

Support – $0.06000

Resistance – $0.07000

Disclaimer

The opinions expressed by the author or any individuals mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Engaging in the investment or trading of crypto assets carries a risk of financial loss.