Will TRX Price Rise To $1.25?

2023년 11월 17일

Pullback Retest: TRX is performing a pullback move to retest the bullish breakout of a rising channel pattern.

Consolidation Above $0.10: The TRX price has been consolidating above the psychological mark of $0.10 for three days.

Potential Upside Targets: After a successful retest, TRX could cross the $0.115 mark and aim for $0.125.

Sideways Trend Amid Bitcoin's Fall: Despite Bitcoin's price drop to 36K, TRX continues a sideways trend and sustains above $0.10.

Market-Wide Supply Pressure: TRX survives a market-wide increase in supply pressure.

Year-to-Date Growth: TRX showcases a significant 90% Year-to-Date growth in 2023.

Current Trading Price: TRX is trading at $0.1033, showing an intraday growth of 0.98% and forming a bullish candle.

Consolidation Phase and Retest: TRX is in a consolidation phase, retesting the $0.10 mark following a rising channel breakout.

Technical Indicators: The daily RSI dips from bullish territory, indicating a potential drop, while the 50-day and 200-day EMAs are in a bullish alignment.

Retest Outcome and Targets: If the bullish momentum is sustained, TRX could reach the $0.125 mark, with the current retest being crucial.

Price Action Analysis: The bullish engulfing candle during the retest phase struggles to gain momentum, indicating a need for careful monitoring.

Downside Risk: A reversal under the $0.10 mark could drive prices down to the 50-day EMA at $0.0949, marking a crucial support level.