Tron price is outperforming Bitcoin with a move above $0.2450. TRX could start a major surge if it clears the $0.2575 resistance.
Tron Price Eyes Upside Break And Rally
In December 2024, Tron price rallied heavily above the $0.20 level and the 50-day simple moving average (blue). It surpassed the $0.30 and $0.40 levels before the bears appeared. A high was formed at $0.4499, and the price started a major pullback.
There was a drop below the $0.350 and $0.300 support levels. Finally, the bulls appeared near $0.20. A low was formed at $0.1982, and the price is now rising. There was a decent increase in the past few sessions above the $0.2220 level, and the price outperformed both Bitcoin and Ethereum.
Tron price daily price chart | Source: TRX/USD on TradingView.comThe price is up over 10% and might continue to accelerate higher. Recently, TRON DAO shared details about the recent 119% increase in daily on-chain revenue since January 1, 2024, reflecting Tron’s blockchain expanding adoption and robust activity.
TRX is now trading just above the $0.2450 level and the 50-day simple moving average (blue). On the upside, the price is facing resistance near the $0.250 level.
There is also a key bearish trend line forming with resistance at $0.250 on the daily chart. The first major resistance is near the $0.2575 level. It is close to the 23.6% Fib retracement level of the downward move from the $0.4499 swing high to the $0.1982 low.
A clear move above the $0.2575 level could send the price toward the $0.30 resistance. The main target for the bulls in the current wave could be $0.3250. It represents the 50% Fib retracement level of the downward move from the $0.4499 swing high to the $0.1982 low. Any more gains could open the doors for a test of $0.3920.
Another Decline In TRX?
If there is no upside break, TRX price might start another decline. Initial support is $0.2320. The first major support is near the $0.2220 level.
A close below $0.2220 may perhaps call for a sharp decline. The next key support sits at $0.20, below which the price might test the $0.1880 support. Any more losses could lead Tron toward the $0.1650 support.
Overall, Tron price is showing positive signs above $0.240 and the 50-day simple moving average (blue) at. If the bulls clear the $0.2575 barrier, the price could rally toward the $0.30 level or even $0.3245. Conversely, there might be a fresh decline toward $0.20.
The post Tron (TRX) Picks Up Speed—Is a Major Breakout on the Horizon? appeared first on Coinchapter.
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