TRX Price Close To 3-Year’s High, Channel Break Eyes $0.20

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Following the correction phase of 2022, the reversal rally in Tron continues for the past 15 months from the depths of $0.050. With this turnaround, the TRX price bounces from the 200-week EMA and projects a stronger uptrend in the coming days. 

Further, with the rising anticipations of an altcoin season, the TRX price might shortly skyrocket with a rounding bottom breakout. As the Tron price remains bullish, the TRX price prediction predicts massive gains in 2024.

Trend Reversal Takes Off In Weekly Frame 

Clear as day in the weekly chart, the TRX price showcases a trend reversal leading to a rounding bottom pattern. Further, the price jump accounts for a 151% rise from the low of $0.050 in November 2022. 

Source- TradingView

Tron price action shows a rounding bottom pattern with a neckline at the $0.12 mark, coinciding with the 78.60% Fibonacci level. Moreover, the overhead resistance trendline fails to keep the higher high formation under control. 

Currently trading at $0.1244, TRX price shows an intraday growth of 2.80% and is eyeing a weekly close above the 78.60% Fib level. With a potential bullish weekly closing, the TRON market value will increase significantly at a fast pace with trading volume support.

Technical Indicators:
RSI Indicator:  The daily RSI line shows a diagonal rise close to the overbought boundary line ready to cross above. 

EMA: The 50 and 200-week continue to rise higher in a bullish alignment, reflecting a strong trend in motion

Will TRX Price Reach $0.20?

Ignoring the market noise to continue the drive on the bullish highway, the TRX price trend gains momentum. Further, the buyers being dominant above the psychological mark of $0.10 projects a high likelihood of a bullish trend to $0.15. Sustaining the bullish momentum, the uptrend can reach the $0.20 mark. 

Conversely, a reversal rally from the $0.12 mark can drive the prices down to $0.10.