Following the phenomenal price jump of 500% in 2021, the TRX price trend started to decline in a descending triangle pattern. With the bottom support forming at $0.045, the TRX buyers display multiple bullish breakout attempts over the years.
However, the recent recovery rally of 28% starting from the 38.20% Fibonacci level seems to have done the trick. Will this breakout sustain to push the TRX prices to create new swing highs in 2023?
With a morning star pattern at 38.20% Fibonacci level, the TRX coin price restarted a recovery spree. Currently, trading at $0.0833, Tron’s price action manages to give a bullish breakout of the triangle pattern.
Making five consecutive bullish candles in the weekly chart, with the sixth in formation projects strong underlying bullishness. Moreover, the uptrend forms a rising channel pattern in the daily chart, indicating further bullish growth within the channel.
Currently facing opposition from the 50% Fibonacci level at $0.8385, TRX price action shows higher price rejection and bullish exhaustion. This projects the possibility of a retest. However, a weekly candle closing above $0.8385 will launch off a ride to $0.10.
The RSI line approaches the oversold boundary and flats out with a downtick. However, the DMI indicator shows the ADX line surging reflecting a high trend momentum. Plus, the VI lines maintain a positive trend, supporting the further growth theory.
Considering the buyers manage to push the TRX price above $0.8385 by this weekend, the Tron prices will explode in the coming weeks. Potentially crossing the $0.10, the breakout rally can challenge the overhead supply at $0.1178, the 78.60% Fibonacci level.
On the flip side, if the rising channel breaks, it could drop TRX prices for a retest to $0.077.
