- Tron market cap has increased by 32% in the last 14 days.
- TRX price reclaims $0.15 with a massive bullish engulfing candle.
- An uptrend continuation could surge TRX price to $0.27.
The total crypto market capitalization has remained stable at 2 trillion dollars over the past week, leading to robust performance in the altcoin markets. Among the top performers, TRX has emerged as a standout, with a significant overnight surge of 12.83%, hinting at a potential massive breakout rally. Will this uptrend in Tron result in a 2x price surge?
Cup and Handle Breakout for TRON
In the weekly charts, TRX shows a cup-and-handle pattern breakout with an 18.78% increase, and there are still 4 days left in the week. In the shorter term, the TRX price has formed a morning star pattern during the recent market downturn.
Supporting a bullish outlook with 3 consecutive weekly bullish candles, marking a 37.60% rise over the past 2 weeks.
Currently, TRX is trading at $0.1604 after a neckline breakout at $0.1433 despite experiencing a minor intraday pullback of 0.84%. The intraday candle’s long tail indicates a strong underlying demand for Tron, suggesting a gradual but steady increase.
The TRX price action in the daily charts presents a trend reversal rally bouncing off from a support trendline.
Technical Indicators:
RSI Indicator: The weekly RSI spikes to the overbought boundary line at 70%, reflecting the massive demand surge.
MACD: The weekly MACD indicator signals a bullish continuation, as it avoids a bearish crossover. Thus, with a new bullish histogram, the MACD indicator supports uptrend chances.
Will TRX Price Hit $0.30?
As the TRX price surpasses the $0.1433 neckline, it will approach the 1.618 level at $0.16922. Further, with the bullish trend over the last 14 days, TRX shows limited bearish activity with only four bearish candles. Thus, the price movement indicates strong market demand for TRON.
According to the weekly chart’s Fibonacci levels, continued uptrend momentum could test the 1.618 Fibonacci level at $0.2744. However, a minor retest might occur if the broader market loses momentum.
