TRX Price Analysis: Will The Flat-moving TRX Price Cross $0.085?

The post TRX Price Analysis: Will The Flat-moving TRX Price Cross $0.085? appeared first on Coinpedia Fintech News

Maintaining an upward trend in 2023, the TRX price maintains a year-to-date growth of 42.97% and forms the 52-week high at $0.085. The rising trend in Tron price comes with a fair share of corrections in relation to Bitcoin, giving rise to a multi-contact support trendline.

Trading at a discount of 17.59% from its 2023 high of $0.094, TRX price hinges at the $0.076 mark. Moreover, the Tron price trend maintains the positive alignment of the 50 and 200-day EMA after the golden crossover. A feat that many altcoins are failing to achieve or sustain in 2023. 

Currently trading at $0.07765, the TRX price displays a 0.80% growth within 24 hours. It also reflects the ongoing positive cycle in the consolidation range. 

Will The Hibernating TRX Price End On A Bullish Note?

The 1-day Tron price chart shows the TRX price going flat-lined at 23.60% Fibonacci level at $0.076. This leads to a consolidation range between $0.075-$0.078 in the shorter timeframes. Moreover, the Tron price moves along with the 50-day EMA, displaying a hibernating state for almost two weeks. 

During the ongoing hibernation, the MACD and RSI indicators are signaling some bullish whispers. The MACD indicator shows a positive alignment with the RSI line sustains above the halfway line. 

A breakout on either side of the consolidation range is set to determine the upcoming TRX price trend. If the TRX buyers break above $0.078, the breakout rally will cross the $0.085 swing high. Potentially, the TRX price can reach the psychological mark of $0.10.

On the flip side, the TRX prices can plunge to the 38.20% Fibonacci level at $0.067.