Tron (TRX), holding its position among the top 10 cryptocurrencies by market cap, has surged to a 52-week high, capturing investors’ attention with its recent breakout and potential rally. Rising to a notable $0.1926, TRX is signaling bullish momentum, with technical indicators pointing toward the possible formation of a cup and handle pattern. Market participants are closely watching for sustained bullish movement, with eyes on key levels that may support further upside.
Currently boasting a market cap of $15.39 billion, TRX saw an 11% jump overnight followed by a slight retreat, reinforcing its resilience despite recent price fluctuations. After a period of consolidation, the price movement has brought TRX into the spotlight. The cryptocurrency briefly broke through a rising wedge pattern, aiming for record highs, before experiencing a pullback that placed it at a critical juncture in its weekly performance. Investors are evaluating whether TRX can reclaim momentum and sustain its upward trajectory, aiming for a rally to new highs.
TRX Hits $0.1926 but Experiences a Brief Setback
In a rapid upward move, TRX touched $0.1926, only to see a modest correction. Following this 52-week peak, TRX retraced by 6.79%, reflecting the market-wide pullback, and is now trading at around $0.1747. On the weekly chart, a strong bullish candle showed support at the 1.272 Fibonacci level, resulting in a 6.53% increase and positioning TRX for further gains. However, as Bitcoin’s recent downward movement has dampened buying interest, some investors are eyeing potential support levels below.
Rising Wedge and Pullback Scenarios: Key Levels to Watch
While TRX’s rising wedge pattern hints at long-term bullish potential, some traders are noting market exhaustion, which could lead to a minor pullback. In the event of further retracement, support at the 0.1688 Fibonacci level could become a crucial point. Staying above this level may reaffirm confidence in the ongoing uptrend.
Technical Indicators Signal Bullish Momentum
The weekly SMA lines show a positive trend structure, confirming bullish momentum. Additionally, the MACD and signal lines are avoiding downward crossovers, indicating support for a continued upward move.
Can TRX Hit $0.2621?
The weekly cup and handle pattern reflects a bullish outlook, and TRX’s breakout above the neckline at $0.1434 supports this trend. If TRX holds above the rising trendline through the weekend, market sentiment could favor another rally. In this case, $0.2011 and $0.2621 are achievable targets, representing a potential 50% upside. Conversely, a dip below $0.1688 could signal a period of consolidation.
Will Tron’s Bull Run Continue?
The question remains: Can TRX achieve a longer-term target of $0.50? Factors such as increased adoption, blockchain innovations, and market sentiment will play crucial roles in determining TRX’s trajectory. Investor interest in Turkish NY Radio highlights the sustained potential for Tron as it navigates market dynamics and technical milestones.
