TRON

Reversal

The post <a href="https://coinpedia.org/price-analysis/trx-price-close-to-3-years-high-channel-break-eyes-0-20/" rel="noopener noreferrer nofollow">TRX Price Close To 3-Year’s High, Channel Break Eyes $0.20</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Following the correction phase of 2022, the reversal rally in Tron continues for the past 15 months from the depths of $0.050. With this turnaround, the TRX price bounces from the 200-week EMA and projects a stronger uptrend in the coming days.&nbsp;
Further, with the rising anticipations of an altcoin season, the TRX price might shortly skyrocket with a rounding bottom breakout. As the Tron price remains bullish, the <a href="https://coinpedia.org/price-prediction/trx-tron-price-prediction/" rel="noopener noreferrer nofollow">TRX price prediction</a> predicts massive gains in 2024.
<h2 class="wp-block-heading" id="h-trend-reversal-takes-off-in-weekly-frame-nbsp">Trend Reversal Takes Off In Weekly Frame&nbsp;</h2>
Clear as day in the weekly chart, the TRX price showcases a trend reversal leading to a rounding bottom pattern. Further, the price jump accounts for a 151% rise from the low of $0.050 in November 2022.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="464" src="https://image.coinpedia.org/wp-content/uploads/2024/02/07125439/image-56-1024x464.png" alt="" class="wp-image-267801" srcset="https://image.coinpedia.org/wp-content/uploads/2024/02/07125439/image-56-1024x464.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/02/07125439/image-56-300x136.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/02/07125439/image-56-768x348.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/02/07125439/image-56-1536x696.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/02/07125439/image-56-150x68.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/02/07125439/image-56.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Source- <a href="https://www.tradingview.com/x/VAKn11lC/" rel="noopener noreferrer nofollow">TradingView</a>
Tron price action shows a rounding bottom pattern with a neckline at the $0.12 mark, coinciding with the 78.60% Fibonacci level. Moreover, the overhead resistance trendline fails to keep the higher high formation under control.&nbsp;
Currently trading at $0.1244, TRX price shows an intraday growth of 2.80% and is eyeing a weekly close above the 78.60% Fib level.&nbsp;With a potential bullish weekly closing, the TRON market value will increase significantly at a fast pace with trading volume support.
Technical Indicators: RSI Indicator: &nbsp;The daily RSI line shows a diagonal rise close to the overbought boundary line ready to cross above.&nbsp;
EMA: The 50 and 200-week continue to rise higher in a bullish alignment, reflecting a strong trend in motion
<h2 class="wp-block-heading" id="h-will-trx-price-reach-0-20">Will TRX Price Reach $0.20?</h2>
Ignoring the market noise to continue the drive on the bullish highway, the TRX price trend gains momentum. Further, the buyers being dominant above the psychological mark of $0.10 projects a high likelihood of a bullish trend to $0.15. Sustaining the bullish momentum, the uptrend can reach the $0.20 mark.&nbsp;
Conversely, a reversal rally from the $0.12 mark can drive the prices down to $0.10.

TRX Price Close To 3-Year’s High, Channel Break Eyes $0.20

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