TRX price signals accelerated growth with bullish breakout and $0.23 support
TRON has broken above its rising trend in the medium to long term
TRON (TRX) has broken above its rising trend in the medium to long term, signaling an acceleration in its growth rate.
This breakout highlights increased investor confidence, with further price appreciation anticipated. The current price of TRX stands at $0.27, with no clear resistance levels ahead, suggesting room for continued upward movement.
The absence of resistance on the price chart allows for unimpeded growth, with technical indicators supporting a bullish outlook. The positive volume balance further reinforces this sentiment, as trading volume is consistently higher on days with rising prices than on days with declines. This pattern reflects growing buying interest and strong market demand for TRX.
TRON price dynamics (December 2023-December 2024). Source: TradingView.
In the event of a negative reaction, TRX has key support at approximately $0.23, corresponding to the 0.14 Fibonacci retracement level from the current price. This support level serves as a crucial safety net, potentially preventing larger price corrections and providing a favorable re-entry point for buyers.
The overall technical outlook for TRX is bullish, supported by the breakout of the rising trend, strong volume indicators, and the absence of resistance. Investors are encouraged to watch for any reactions near the $0.23 support level to gauge market sentiment and the likelihood of a sustained rally.
The price of Tron (TRX) has surged over 15% recently, catching the attention of crypto enthusiasts. This rally follows social media posts by Tron founder Justin Sun, who called TRX the "next XRP."
