TRX Price Retests Channel Break, A Dip To Buy Or Wait?
The TRX price continues the sideways trend as it consolidates despite the Bitcoin price falling 4.6% to the $36K mark. Surviving the sharp increase in supply pressure observed market-wide, Tron manages to sustain above the psychological mark of $0.10.
As the Tron price remains under a cooldown phase, the TRX price prediction predicts a prolonged uptrend continuation. Moreover, with the possibility of the overall market recovery with the Bitcoin Spot ETF approvals on the verge, the altcoins are ready to surge higher.
Sustaining a bullish trend continuation, the TRX price showcases a 90% Year-to-Date growth as 2023 proves extremely profitable. As the Tron price gains momentum, the uptrend reclaims the $0.10 psychological mark.
Currently trading at $0.1033, TRX shows an intraday growth of 0.98%, forming a bullish candle. However, the price action analysis displays a consolidation phase in Tron prices as they retest the $0.10 mark.
The retest phase kicks in after the TRX price gives a rising channel breakout as the supply pressure increases at $0.112. Further, the recent trend shows a bullish engulfing candle struggling to gain momentum and ignite a post-retest reversal.
RSI Indicator: The daily RSI line dips from the bullish territory to cross under the overbought boundary and tease a drop to the halfway line.
EMA: The 50-day and 200-day continue to rise higher in a bullish alignment to support any shortcomings in trend momentum.
Will TRX Price Reach $0.10?
Surviving the market-wide pullback, the TRX price trend consolidates to retest the broken resistance trendline. Further, the buyers remain dominant over the psychological mark of $0.10 and project a high likelihood of a bullish reversal from $0.10. Sustaining the bullish momentum, the uptrend can reach the $0.125 mark.
Conversely, a reversal rally under the $0.10 mark can drive the prices down to the 50-day EMA at $0.0949.