TRX Price Is UP by 7%, Will TRON Cross $0.20?

[CryptoChamp]

Tron (TRX) has been showing impressive growth lately. Currently trading between $0.16 and $0.17 as per Coinpedia Markets, the price has increased by nearly 32% over the past six months. This steady upward movement is backed by bullish technical indicators, including a Relative Strength Index (RSI) above 50 and a positive MACD. These signals suggest that TRX could continue to rise, especially if it breaks through its nearest resistance at $0.17. If that happens, TRX Price may reach the next level of $0.18, offering a potential gain of about 6%.

Support Levels and Stability

Support levels for TRX are currently at $0.16 and $0.15, providing some downside protection. Both the 10-day and 100-day simple moving averages at $0.16 indicate that TRX has maintained price stability in recent weeks. Although the price has shown moderate changes, with a 0.15% increase over the past week and a 3.52% rise over the last month, the overall trend remains positive.

Rounding-Bottom Reversal and Fibonacci Levels

Tron Coin is also forming a rounding-bottom reversal pattern, currently testing the 38.20% Fibonacci level at $0.1686. This technical setup could signal a bullish breakout if TRX manages to break above this key level. The broader price action also shows a rising wedge pattern, which increases the chances of a successful breakout as the market recovers.

Network Growth Supports Tron Crypto Price

On the network front, Tron has seen impressive growth. TronScan reports that the total value locked (TVL) on the network has surpassed $18 billion, with daily transactions nearing 9 million. The number of accounts has also grown significantly, reaching 271.38 million. This positive network activity supports a strong Tron Price Prediction as demand for Tron Crypto continues to rise.

With increasing momentum and network growth, TRX Crypto seems poised for further gains.