Tron (TRX) price analysis suggests the possibility of a range breakout rally. Is a price jump to $0.30 on the horizon?
With the crypto market witnessing the next potential bullish recovery, Tron has increased by 1.5% over the past 24 hours. Known for being one of the less volatile coins in recent days, Tron continues to maintain a strong sideways consolidation.
Currently, it is trading at $0.2465 with an intraday recovery of 0.83% as it tests the overhead ceiling. Will a breakout rally in TRX lead to a new swing high? Let’s find out.
Tron Price Analysis Hints Range Breakout Rally
On the daily price chart, TRX’s price action shows a consolidation range, with the overhead ceiling at the 23.60% Fibonacci level, priced at $0.2569.
On the other hand, Tron continues to find support at $0.2178. After multiple lower price rejections, the TRX price is now challenging the intermediate resistance at $0.2489.
Having maintained a sideways shift since mid-January, Tron has withstood the massive fluctuations in the crypto market. This indicates stability in the altcoin, which increases the chances of a bullish recovery as the market stabilizes.
Currently, the consolidation range has trapped trend momentum, and a breakout on either side could result in a high-momentum move. The daily RSI has resurfaced above the halfway mark, signaling a boost in trend momentum.
Additionally, the bullish crossover in the MACD and signal lines suggests a potential breakout. Therefore, technical indicators are pointing to strong bullish potential.
Analyst Signals Parallel Channel Breakout Rally
Supporting the possibility of a breakout to a bull run in Tron, crypto analyst Ali Martinez highlights key support at $0.17. According to the analyst, as long as bulls maintain control at this crucial level, they will dictate the overall trend.
Martinez also points to a consolidation range within a parallel channel. A bullish breakout above $0.26 could set the stage for the next bull run.
Key Price Targets
Based on Fibonacci levels, a bullish breakout above the 23.60% Fibonacci level at $0.2569 will likely test the 38.20% level at $0.2845.
Optimistically, the 50% Fibonacci level at the $0.30 psychological mark could be a key price target. On the downside, crucial support remains at $0.2178.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2025/03/06/tron-trx-consolidation-nears-bullish-exit-is-0-30-next/?utm_source=rss&utm_medium=rss&utm_campaign=tron-trx-consolidation-nears-bullish-exit-is-0-30-next