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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Nov 13, 2024 07:13 UTC
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As TRX Price Hits 52-Week High, Weekly Bull Run Targets $0.2621
Despite an 11% jump, the TRX price faces delays in the anticipated rising wedge breakout due to a 6.79% intraday pullback.
With a bullish engulfing candle, TRX surpassed the 1.272 Fibonacci level at $0.16.
A cup and handle pattern breakout in the weekly chart sets the stage for a bullish rally, with upside targets at $0.2011 and $0.2621.
With a market cap of $15.39B, Tron remains the 10th biggest crypto market. Following a massive surge last night, the TRX prices take a quick U-turn back for a retest.
Delaying a weekly chart breakout rally, Tron stands at a crossroads with the price action traders paying close attention. Will TRX create a new all-time high with a wedge breakout? Find out more about the latest TRX price analysis.
TRON Hits $0.1926
Following the 11% jump last night, the TRX price aimed for a rising wedge pattern breakout. However, the intraday pullback of 6.79% with the broader market pullback delays the breakout rally.
In the weekly chart, the TRX price action shows a bullish engulfing candle, surpassing the 1.272 Fibonacci level at $0.16. The extremely bullish candle accounts for a 6.53% jump this week and is currently trading at $0.1747.
Creating a new 52-week high at $0.1926, the massive demand for TRX price subsided due to the pullback in Bitcoin prices.
As the market takes a step back due to the bullish exhaustion, the rising wedge pattern breakout is delayed further on. As the pullback intensifies, a potential retest of the 1.272 Fibonacci level at $0.1688 is possible.
Technical Indicators:
SMA: The bullish trend maintains a positive alignment in the simple moving average lines in the weekly chart.
MACD: The MACD and signal lines find an uptick to avoid a bearish crossover.
Will TRX Price Hit $0.2621?
The bullish trend will likely continue due to a cup-and-handle pattern breakout in the weekly chart. The neckline for the cup and handle pattern stood at $0.1434. Beyond the rising wedge pattern, a support trendline maintains a rising channel pattern for TRX in the weekly chart.
If the altcoin manages to close above the rising trendline by the end of this week, a bullish rally for TRX is imminent. Using the retracement tool, the upside target for TRX stands at $0.2011 and $0.2621.
Hence, the bullish trend shows an upside of 50%. Conversely, the $0.1688 is a potential retest of the 1.272 Fibonacci level.
Will the bull run in Tron reach $0.50? Find out now in Coinpedia’s latest TRX price prediction for 2024 to 2030.
FAQs
The TRX price targets are $0.2011 and $0.2621, based on the cup and handle pattern breakout and rising wedge breakout expectations.
Key support levels are $0.1688 (1.272 Fibonacci level) and $0.1434 (cup and handle neckline). Resistance stands at $0.1926 and above.
Yes, TRX maintains bullish momentum with a positive SMA alignment, an uptick in MACD and signal lines, and confirmation of key bullish patterns.
Yes 
No 
