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TRON Price Forecast – Is $0.3 the Next Major Resistance for TRX?

Highlights:

  • TRON’s breakout signals a potential 450% upside movement for TRX. 
  • Positive on-chain signals and rising TVL reinforce the bullish outlook for TRX. 
  • Key resistance at $0.2600 marks a critical hurdle for the TRON price.

TRON (TRX) price has recently been consolidating, maintaining stability above the $0.20 support level. This key price zone has held strong for several weeks despite fluctuations in the broader cryptocurrency market. Over the past week, TRX has experienced a notable 10% surge, signaling a shift in momentum. After a period of neutrality, the price action is now setting the stage for a potential breakout. 

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The crypto market has seen a slight surge, with BTC hovering above $84k and ETH price hovering above $1,600. Top tokens within the cryptocurrency market valuing more than $2.70 trillion have overcome critical thresholds in their respective price performances. TRX managed to surpass its major resistance zone, which enhances its positive market direction. The coin has completed its continuation correction phase, thus allowing potential market advancement.

Analyst Predicts TRON Price Could Surge Toward $1.11

Crypto analysts predict that TRON will achieve a price target of a minimum of $1.11+ within its current movement path. The price movement is continuing its path toward the $1.11+ target after the breakout incident. Since the breakout occurred, TRX has gained almost 300% in value, while it maintains the potential to rise another 450% to reach its predicted figure.

A current market trajectory indicates that TRX has the potential to sustain its upward movement until it reaches a target of $1.11+ in value. The recent market response following the breakout indicates that TRON stands ready for substantial price changes in the coming months.

DeFi platform TRON achieves $4.93 billion in its Total Value Locked (TVL) metrics. Positive on-chain indicators alongside TVL growth have resulted in industry speculations about future upward market performance. Investment stakeholders are monitoring if TRX can extend its current bullish behavior forward.

TRON Price Prediction: Is $0.3 the Next Major Resistance for TRX?
Source: Defiliama

Is TRX Price Poised for Breakout or Pullback?

As of the reporting time, the TRX price is trading at $0.2531, making modest gains despite market fluctuations. The cryptocurrency has recently demonstrated resilience, holding steady above the $0.25 support level. This comes after a brief consolidation phase and a potential breakout on the horizon.

The 4-hour timeframe shows significant technical formations within MACD and RSI elements. The Moving Average Convergence Divergence indicator maintains a positive trend which demonstrates continuous bullish momentum although recent price movements display different trends. 

TRX may have additional upward potential because it must break through the resistance at $0.2600. TRX appears to have reached the 67 levels which suggests the currency is moving toward an overbought state according to the RSI indicator.

The resistance price for TRX maintains its position at around $0.2600 at present. The price must overcome this important resistance level at $0.2600 for an initial target at $0.2700 while the key $0.3000 resistance stands as the main hurdle.

TRON Price Prediction: Is $0.3 the Next Major Resistance for TRX?
Source: TradingView

Support levels exist at $0.2400 and $0.2200, although the price must keep rising above $0.2500 to avoid triggering these support points. A bear market sentiment will develop if TRX drops below $0.2500 since it could trigger selling pressure, leading to lower support region tests.

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