Tron Adds 10% with Rising Volumes, TRX Prices May Double to $0.18

Tron is back with a bang. This time, TRX bulls’ fortunes are changing very fast for the better.

Admittedly, the coin’s performance has nothing but been overwhelming in the past few weeks.

Despite at one time perched at the top-5 and challenging ETH for this, the project is now down the leader-board ranking.

However, this means nothing for traders because the coin is decently liquid and boasts of a considerable following.

Tron Market Performance and Price Status

Fundamentally, the project is well-buttressed, being the bona fide lead in gaming and increasingly DeFi, where it trails Ethereum and the Binance Smart Chain (BSC).

For perspective, there is over $7.2 billion of assets under management in the Just DeFi protocol alone.

There are others; pointing to just how Tron’s DeFi scene is bubbling over, mounting a decent challenge to be one of the top-5 DeFi ecosystems around.

Technically, TRX prices are firmly in a breakout pattern as per candlestick arrangements in the daily chart. In the immediate term, Tron bulls are confident of more gains, confirming the upswing of early August.

As of writing, Tron is breaking clean above August 2021 highs, rebounding from the primary support—clear in the daily chart.

Interestingly, the upsurge has decent trading volumes and wide-ranging bull bars that may be the basis for bulls unwinding losses of May 19—a bear bar Tron buyers haven’t reversed its losses in the past four months.

Accordingly, the first bull target for aggressive TRX buyers stands at May 19 highs at around $0.12. If this pans out, it would be a fitting launching pad for buyers to retest H1 2021 highs of $0.17, nearly doubling from spot rates.

Tron Prices Could Double

That TRX prices might double in the medium term is a possibility that another trader thinks could pan out, pumping the coin to $0.17.

Taking to Trading View, the analyst said after the cool off of late August when TRX prices slightly dipped, retesting the 200-day moving average, bulls are now finding support. As it does, the coin stands to rapidly expand amid the market-wide recovery that’s happening at the time of writing.

Presently, with TRX’s expansion, the coin is one of the top performers, drawing in high trading volumes—precisely what bulls require to peel clean from August 2021 highs.

TRX Breaking Above a Bull Flag

Another trader on Trading View observes that TRX prices are within a bullish breakout pattern after breaching the primary trend line of the bull flag.

Based on technical analysis in the 4HR chart, the coin is firm, printing higher highs, and might reach $0.12 in the short term.

As mentioned early, the $0.12 price level flashes with May 19 highs.

Considering how TRX candlestick bars are in the 4HR and Daily chart, the $0.12 level is a crucial resistance level.

If losses of May 19 are conclusively reversed, the odds of TRX inching even higher from an Effort-versus-Results perspective would be higher, happening after four months of accumulation.

This pattern would form a three-bar bullish reversal pattern clear in the monthly chart, marking out bottoms and the continuation of bulls.

TRX Bulls Might Retest All-Time Highs, RSI Ready to Pump

This is the view of yet another trader on Trading View.

From the weekly chart, the analyst notes an incomplete fifth stage of the 1-2-3-4-5 Elliot wave pattern.

Forming out in the last few weeks is the rounding bottom and a cup-and-handle formation with rising volumes and RSI ready to pump.

In his view, the coin would likely clear all-time highs, pumping the coin to new territories in upcoming sessions.

Charts courtesy of Trading View

Disclosure: Opinion is that of the author. Do your own research.