With altcoins returning to a recovery track, #TRON✅ (TRX) reveals a potential breakout opportunity. Will this breakout push TRX towards the $0.30 mark?
As the total crypto market cap, excluding Bitcoin and Ethereum, surges above the $1 trillion valuation, altcoins are gaining bullish momentum. Among the top-performing tokens, Tron is emerging as a rising star.
Over the past 24 hours, TRX has increased by 4.73%, reaching the $0.25 psychological mark. Accordingly, Tron has reclaimed a market cap of $21 billion. Will the ongoing recovery rally result in a breakout to $0.30? Let’s find out.
Tron Price Analysis
On the 4-hour chart, the TRX price trend shows a local resistance trendline formed from low-rise formations. Additionally, the price trend indicates a local support trendline, completing a falling channel pattern.
Currently, TRX is challenging the overhead trendline with the ongoing recovery. As it inches closer to a potential falling channel breakout, Tron has posted an intraday gain of 2.90%.
On the daily chart, TRX has formed three consecutive bullish candles, signaling a rise in bullish sentiment. The RSI is nearing the overbought level, indicating strengthening bullish momentum. Furthermore, the exponential moving average lines are showing signs of a positive crossover between the 20-day and 100-day EMAs.
Tron Price Chart
