Momentum

Reversal

The post <a href="https://coinpedia.org/price-analysis/a-bullish-week-teases-20-recovery-for-trx-price/" rel="noopener noreferrer nofollow">A Bullish Week Teases 20% Recovery For TRX Price</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With the massive broader market correction, the TRX price action displays a pullback phase, testing the psychological mark of $0.10. However, the underlying demand, coupled with multiple bullish catalysts, led to a positive turnaround.&nbsp;
As the buying pressure grows and the general market sentiment improves, the Tron token value projects a potential surge. With a chance of hitting $0.20, our <a href="https://coinpedia.org/price-prediction/trx-tron-price-prediction/" rel="noopener noreferrer nofollow">TRX price prediction</a> predicts a prolonged uptrend to hit $1 in 2024.
<h2 class="wp-block-heading" id="h-trend-reversal-finds-momentum">Trend Reversal Finds Momentum</h2>
With a bearish reversal from the $0.1433 resistance, the TRX price fails to surpass the May 2021 peak levels. A 20% pullback with multiple weekly bearish candles drops the market value to almost $0.10.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/MF9H3cJcpZBllWwzEdyeOB1l1p0F6631Zm_hZg_RXpbuBF_-IjR_vPiIL7unhgCH96WwbSQEqZBOAVlJonTHH94WjYupaueREoK65BpyzKNTtvbxBebhk17JMNutZ-q7jKvadTTI_IJ-uxTKemKBid0" alt="">
</figure>
<a href="https://www.tradingview.com/x/fJCatubC/" rel="noopener noreferrer nofollow">TradingView</a>
However, the solid demand at the psychological mark of $0.10 and the prevailing uptrend create a buy-the-dip perception for TRON. Further, the 61.80% Fibonacci level and the long coming support trendline increases the bullish influence at lower levels.&nbsp;
 Currently, the TRX price trades at $0.1184 with a weekly return of 6.28%, creating a bullish engulfing candle. Further, the price action reflects a morning star pattern formation at a crucial area of interest (AOI), increasing bullish reversal chances.&nbsp;
Technical Indicators: RSI Indicator: &nbsp;The weekly RSI line showcases a bullish turnaround from the halfway line and reflects a boost in underlying bullishness.&nbsp;
MACD: &nbsp;The bearish crossover in the MACD and signal lines are turning lateral as the buying pressure resurfaces. This increases the chances of a potential bullish crossover. The declining intensity of the bearish histograms bolsters this thesis.
<h2 class="wp-block-heading" id="h-will-trx-price-reach-0-20">Will TRX Price Reach $0.20?</h2>
As the buyers remain dominant above the psychological mark of $0.10, the reversal rally projects a high likelihood of a jump to $0.15. Sustaining the bullish momentum, the uptrend can reach the $0.20 mark.&nbsp;
Conversely, a reversal rally from the $0.12 mark can drive the prices down to $0.10.

A Bullish Week Teases 20% Recovery For TRX Price

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