TRX saw a liquidity grab on August
Since late November 2022, TRX experienced a significant bullish rally. It climbed from a support level of $0.050 within a descending triangle to a peak of $0.1439 by February 2024, marking a 220% gain.
Following this advancement, the price showed signs of exhaustion by March 4th, unable to break through the key supply zone at 0.14389.It eventually entered a narrowing wedge pattern, resembling a symmetrical triangle.
The symmetrical triangle pattern is confirmed by four notable touches on its boundaries. It gave a breakout, and the pullback was complete after TRX saw a liquidity grab on August 5th, 2024. The upward thrust led to a substantial 43% surge that exceeded the previous peak of $0.1439.
The Tron has already reached the 2021 highs, and continued bullishness could potentially lead the asset to new all-time highs, targeting price levels of $0.1798 and $0.2000.
Conversely, if the price breaks down, maintaining support above $0.1438 is crucial.
A drop below this support could lead to further declines towards $0.1290 and $0.1181. Technical indicators reveal higher momentum, with the price taking support of the 20-day, 50-day, and 200-day EMAs.
The RSI has reached a notably high level of 73.07, suggesting the possibility of a price pullback or consolidation. The MACD shows a bullish crossover with a histogram at 0.003642 and a MACD line at 0.009979, but caution is advised.
Following this advancement, the price showed signs of exhaustion by March 4th, unable to break through the key supply zone at 0.14389.It eventually entered a narrowing wedge pattern, resembling a symmetrical triangle.
The symmetrical triangle pattern is confirmed by four notable touches on its boundaries. It gave a breakout, and the pullback was complete after TRX saw a liquidity grab on August 5th, 2024. The upward thrust led to a substantial 43% surge that exceeded the previous peak of $0.1439.
The Tron has already reached the 2021 highs, and continued bullishness could potentially lead the asset to new all-time highs, targeting price levels of $0.1798 and $0.2000.
Conversely, if the price breaks down, maintaining support above $0.1438 is crucial.
A drop below this support could lead to further declines towards $0.1290 and $0.1181. Technical indicators reveal higher momentum, with the price taking support of the 20-day, 50-day, and 200-day EMAs.
The RSI has reached a notably high level of 73.07, suggesting the possibility of a price pullback or consolidation. The MACD shows a bullish crossover with a histogram at 0.003642 and a MACD line at 0.009979, but caution is advised.
Penafian
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