TRX Price Recovery: Will it Reach $0.15?
The TRON (TRX) coin has been experiencing a gradual but consistent recovery throughout February, with a growth rate of 26% that lifted its price from $0.111 to $0.14. This bullish upswing has been supported by sufficient volume and positive market sentiment. In fact, the recent breakout above the resistance trendline of the channel pattern suggests that the recovery momentum may continue and potentially push the price beyond $0.15.
Chart Analysis
In the daily time frame chart, we can observe a rising channel pattern that has been guiding the TRX price since November 2022. This pattern consists of two ascending trendlines that have acted as dynamic resistance and support levels for the coin.
During the bull rally, TRX experienced a surge in value from $0.045 to $0.142, representing a remarkable 214% increase over the course of 15 months. Additionally, cryptocurrency analytics firm IntoTheBlock recently reported that the TRON network has surpassed 95 million addresses with balance.
This figure is particularly impressive when compared to other Layer 1 blockchain networks such as Cardano and Avalanche, which have fewer than 10 million addresses each. The growing number of addresses on the TRON network is a testament to the continuous growth and expansion driven by TRON DAO.
Price Outlook
The recent price surge has resulted in the TRX price breaking above the resistance trendline of the channel pattern. This breakout indicates that buyers are preparing for a potential upward movement in price. Currently trading at $0.14, if the price remains above the breached trendline around $0.135, buyers will likely gain momentum to push the price towards $0.18.
However, it is important to note that the TRON coin may experience a minor pullback to alleviate the buying pressure. This anticipated pullback could present an opportunity for buyers to enter the market at the support level near $0.135.
Technical Indicators
- Average Directional Index (ADX): The ADX slope currently stands at 59%, indicating that buyers are carrying an exhausted rally. A notable retracement is likely needed to sustain a long-term upward movement in price.
- Exponential Moving Average (EMA): The 20-day and 50-day EMA moving averages have been providing suitable pullbacks and may continue to play a significant role in price movements.
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