Tron (TRX) Price Prediction: Tron and ChatGPT Linked Payment System, How Trx Price May React?

TRX price formed a double-bottom bullish reversal pattern and broke out of the neckline resistance.
Tron crypto price prepares for the 50 and 200-day EMA golden crossover.

Tron (TRX) price is trading with bullish cues and buyers are trying to break out of the narrow range consolidation zone which might trigger the rally for TRX lovers. Recently, Justin Sun tweeted about his intentions regarding linking the Tron blockchain with artificial intelligence technologies like ChatGPT to create a decentralized payment system is great news for the TRX investors which can positively impact the TRX price.

At the time of writing, The pair of TRX/USDT was trading at $0.06459 with intraday gains at 1.17% and the 24-hour volume-to-market cap ratio at 0.0382

TRX price prepares for the massive up-move?

Source: TRX/USDT daily chart by Tradingview

On a daily time frame, Tron (TRX) price is forming a double bottom bullish reversal pattern and bulls succeed to break out of the neckline hurdle level which shows that some gunning buyers have taken long positions and are expecting outperformance in the coming months.

In the mid of January, TRX price reclaimed above the 50 and 200-day EMA indicating that the positional trend is reversed in the favor of bulls and the price is likely to continue the upward momentum. Currently, the price seems to be stuck in the narrow range between $0.05768 to $0.06568 and may see a positive breakout if the price sustained above the EMA’s. However, The price is near the supply zone and $0.06568 will be acting as an immediate hurdle for the bulls. If bulls succeed to break out of the hurdle then it can rally towards $0.07235 in a short span of time.

The technical indicators of the TRX are turning bullish and the price action is also favoring the bulls which increases the probability of an upside breakout in the coming weeks. However, if the breakout fails then $0.05768 will act as a support level for the bullish traders. The MACD line is reversing upward and likely to give a positive crossover in the coming few sessions and the RSI at 63 sloping north denotes the strength of the bulls.

Summary

TRX crypto price is in recovery mode and buyers have succeeded to reverse the positional trend in the favor of bulls. The technical analysis suggests that the price is in the bulls’ grip and likely to break out of the swing-high hurdle level. Therefore, traders may look for buying opportunities for the target of $0.07235 by keeping $0.05500 as SL. However, if the price drops below $0.05500 bears can drag it down to the $0.5000 level

Technical levels

Resistance levels: $0.06568 and $0.07235

Support levels: $0.05768 and $0.04889

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.