bullish

TRON

The post <a href="https://coinpedia.org/price-analysis/trx-price-jumps-12-overnight-eyes-for-0-27-next/">TRX Price Jumps 12% Overnight, Eyes for $0.27 Next!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
<ul class="wp-block-list"> 
 <li>Tron market cap has increased by 32% in the last 14 days.&nbsp;</li> 
 <li>TRX price reclaims $0.15 with a massive bullish engulfing candle.&nbsp;</li> 
 <li>An uptrend continuation could surge TRX price to $0.27.</li> 
</ul> 
The total crypto market capitalization has remained stable at 2 trillion dollars over the past week, leading to robust performance in the altcoin markets. Among the top performers, TRX has emerged as a standout, with a significant overnight surge of 12.83%, hinting at a potential massive breakout rally. Will this uptrend in <a href="https://markets.coinpedia.org/tron/">Tron </a>result in a 2x price surge? 
<h2 class="wp-block-heading" id="h-cup-and-handle-breakout-for-tron">Cup and Handle Breakout for TRON</h2> 
In the weekly charts, TRX shows a cup-and-handle pattern breakout with an 18.78% increase, and there are still 4 days left in the week. In the shorter term, the TRX price has formed a morning star pattern during the recent market downturn.&nbsp; 
Supporting a bullish outlook with 3 consecutive weekly bullish candles, marking a 37.60% rise over the past 2 weeks. 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="508" src="https://image.coinpedia.org/wp-content/uploads/2024/08/21121159/Tron-21-Aug-2024-1024x508.png" alt="Tron Price Analysis 21-Aug-2024" class="wp-image-340845" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/21121159/Tron-21-Aug-2024-1024x508.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/21121159/Tron-21-Aug-2024-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/21121159/Tron-21-Aug-2024-768x381.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/21121159/Tron-21-Aug-2024-1536x762.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/21121159/Tron-21-Aug-2024-150x74.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/21121159/Tron-21-Aug-2024.png 1803w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
Currently, TRX is trading at $0.1604 after a neckline breakout at $0.1433 despite experiencing a minor intraday pullback of 0.84%. The intraday candle’s long tail indicates a strong underlying demand for Tron, suggesting a gradual but steady increase. 
The <a href="https://coinpedia.org/price-prediction/trx-tron-price-prediction/">TRX price</a> action in the daily charts presents a trend reversal rally bouncing off from a support trendline.&nbsp; 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="508" src="https://image.coinpedia.org/wp-content/uploads/2024/08/21121448/TRX-Price-Analysis-21-Aug-2024-1024x508.png" alt="TRX Price Analysis 21-Aug-2024" class="wp-image-340851" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/21121448/TRX-Price-Analysis-21-Aug-2024-1024x508.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/21121448/TRX-Price-Analysis-21-Aug-2024-300x149.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/21121448/TRX-Price-Analysis-21-Aug-2024-768x381.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/21121448/TRX-Price-Analysis-21-Aug-2024-1536x762.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/21121448/TRX-Price-Analysis-21-Aug-2024-150x74.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/21121448/TRX-Price-Analysis-21-Aug-2024.png 1803w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
Technical Indicators: 
RSI Indicator: The weekly RSI spikes to the overbought boundary line at 70%, reflecting the massive demand surge. 
MACD: The weekly MACD indicator signals a bullish continuation, as it avoids a bearish crossover. Thus, with a new bullish histogram, the MACD indicator supports uptrend chances.&nbsp; 
<h2 class="wp-block-heading" id="will-trx-price-hit-0-30">Will TRX Price Hit $0.30?</h2> 
As the TRX price surpasses the $0.1433 neckline, it will approach the 1.618 level at $0.16922. Further, with the bullish trend over the last 14 days, TRX shows limited bearish activity with only four bearish candles. Thus, the price movement indicates strong market demand for TRON.&nbsp; 
According to the weekly chart’s Fibonacci levels, continued uptrend momentum could test the 1.618 Fibonacci level at $0.2744. However, a minor retest might occur if the broader market loses momentum.

TRX Price Jumps 12% Overnight, Eyes for $0.27 Next!

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