Tron Crypto Shows A Breakout, Can It Sky Rocket For Big Level?

The Tron crypto enjoyed an upward trend from the beginning of January 2024, starting at a support level of $0.10250 and reaching a high of $0.14450 by February 27th, 2024, when the candle finally closed at $0.14250.

However, things changed from the last week of February 2024 as the Tron price plummeted and broke the earlier uptrend by entering a downward wedge.

Despite this downward movement, the Tron crypto has recently shown signs of recovery since it rebounded from a well-established support level of $0.10500 on the chart. The breakout of the falling wedge pattern suggests that Tron Crypto might enter an upward trend by breaking the resistance level and reaching new heights from the current price level.

Tron Crypto Indicator Analysis And Forecast

The Tron asset has started a remarkable climb, displaying a strong bullish urge in its strength by forming back-to-back bullish candles during daily sessions on its charts. It has also remained above the significant 20-day EMA and has been approaching the 50-day EMA band from below.

The MACD also indicates a robust bullish crossover, with a histogram at 0.00120, the MACD line at 0.000070, and the signal line at -0.001133. 

Also, the RSI is moving higher with more speed, suggesting that the Tron crypto asset is not yet overbought since it is at 52.51 and can maintain its upward direction.

Overall chart analysis indicates that the Tron crypto asset shows bullish characteristics and may reach higher levels by continuing its ongoing breakout on the daily chart. It also displayed excellent performance the previous week with a 5.19% increase, suggesting a robust upward spike and the potential to retest the supply level at $0.14250.

At press time, the Tron crypto trades at $0.1182, with an intraday loss of 0.82%, a 24-hour trading volume of 415.30 million, and a market capitalization of 10.34 Billion. If the price continues to attract more buying interest, it could achieve higher targets at $0.13000 and $0.14000. However, a failure to sustain support at $0.10500 may cause price gains to drop and hit lower support levels.

TRON Price And Volatility Chart Analysis

This chart highlights the difference in the fluctuation of TRX price movement. After analysis, it indicates that TRX cryptocurrency has experienced impressive growth in recent times. However, the instability has not increased significantly, indicating stability in the TRX price.

Furthermore, the TRX looks comfortable above current price levels, indicating that sellers are not actively participating, and the buyers may help the Tron cryptocurrency price to increase further.

Summary

Tron started 2024 well, rising from $0.10250 to $0.14450 by February 27th, but then dropped, forming a downward wedge. However, it rebounded from $0.10500 support, breaking the wedge pattern and showing signs of an upward trend. 

With bullish candles and remaining above EMAs, it may continue rising. The MACD and RSI also support this upward movement. The Tron asset had a 5.19% increase last week and currently trades at $0.1182 with a 24-hour volume of 415.30 million and a market cap of 10.34 Billion.

If buying interest continues, Tron may reach $0.13000 and $0.14000 targets; conversely, failing to hold $0.10500 support could lead to lower levels. Despite recent fluctuations, TRX has shown stability and potential for further price increases. Sellers are not active, indicating a supportive buyer market for Tron.

Technical Levels

Support Levels: $0.10500

Resistance Levels: $0.13000

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.