Ok guys, let's dissect this delicious $TRX chart to see if there's anything interesting. $TRX is currently showing a very promising technical setup on the larger time frame, indicating the potential for a trend reversal.
On the 1W timeframe, the price of TRX/USDT has just completed a Harmonic Bullish pattern and has reacted very well with a strong increase when hitting the strong support area. The hard support area to watch is 0.2586. As long as the price holds above the upward trendline, the upward trend will remain intact. Currently, the price has broken out of the minor resistance and is heading upward. The next target, which is also the major resistance we are aiming for, is the area of 0.3982. This is a trade with a very attractive R:R.
Fundamentally, $TRX continues to assert its position thanks to the dominance of Stablecoins (especially USDT) on the TRON network, helping to maintain a high TVL. This ecosystem is experiencing a large daily trading volume, showing that practical utility is not declining and is a driving force behind this price increase.
Personally, I have started accumulating in the range of 0.27 - 0.29. The strategy is to accumulate when the price successfully retests and wait for the push wave to the target of 0.40. Those who do not have any position yet may consider entering gradually.
If you are holding any altcoins, feel free to comment, and I will check the chart for you!
#TRX #TechnicalAnalysis #Crypto #BinanceSquare #TRON