Tron (TRX) Poised for Potential Upside: Is $0.50 on the Horizon?
Tron (TRX) appears to be gearing up for a substantial bullish breakout as overall market sentiment begins to recover. Currently hovering around $0.25, the asset has seen a minor daily dip of 1.43%, but signs of a structural uptrend are becoming increasingly apparent.
A review of the daily chart highlights that TRX is staging a strong upward move after retesting a key resistance level near $0.25. This level has proven significant since February, sitting atop a well-defined consolidation zone with a base at $0.21. The price action now suggests a bullish rebound, with efforts underway to flip the former resistance into a new support zone.
The technical indicators provide encouraging signals. The price is currently holding above all major Exponential Moving Averages (EMAs), and a golden cross occurred in early April when the 20-day EMA surged past the 50-day EMA. The 100-day and 200-day EMAs, sitting at $0.23 and $0.21 respectively, continue to trend upward, lending strong support beneath the current price level.
Momentum indicators such as the MACD are reinforcing the bullish narrative. With the MACD line at 0.002143 and histogram climbing to 0.004607, positive momentum is clearly building. Should TRX break above near-term resistance at $0.266, the next price target could extend to $0.35, with a longer-term outlook potentially stretching towards $0.50, assuming sustained market strength and volume. Importantly, the $0.21 level is a solid technical floor, limiting downside risk and offering a cushion in case of short-term retracements.