Tron Price Forecast: TRX/USD falling wedge pattern breakout launches return flight to $0.03
- Tron is back into the bullish hands following support at $0.02.
- TRX/USD bulls plan to capitalize on the wedge pattern breakout and pull closer to $0.03.
Tron has explored levels close to $0.022 after a consistent breakdown from high at $0.032. Reversal failed to find support at $0.028 and $0.026 neither were the buyer congestions at the 50 SMA and the 200 SMA help to halt the losses.
After more than a week of taking battering from the bears, TRX embraced support at $0.02. The price started to bounce upwards. The formation of falling wedge pattern kept hope a live that recovery is possible in the near term. For this reason, buyers have increased their entries in the market.
Tron is trading at $0.024 following a spike above the wedge resistance. The uptrend appears to be gaining momentum according to the RSI and the MACD. The latter is drawing closer to the overbought region. Its recovery has been significant keeping in mind that it sunk under 30 on August 25.
Consequently, the MACD places Tron in the hands of the bulls as it scales the levels in a bid to cross into the positive region. This means that Tron has the potential to continue with the flight towards $0.03. Its immediate upside is, however, capped by the 50-day SMA followed by the 200 SMA at $0.0248. Other resistance zones to keep in mind include $0.028 and the coveted level at $0.03.
TRX/USD 2-hour chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
