TRON
Long

TRX saw a liquidity grab on August

Since late November 2022, TRX experienced a significant bullish rally. It climbed from a support level of $0.050 within a descending triangle to a peak of $0.1439 by February 2024, marking a 220% gain.

Following this advancement, the price showed signs of exhaustion by March 4th, unable to break through the key supply zone at 0.14389.It eventually entered a narrowing wedge pattern, resembling a symmetrical triangle.

The symmetrical triangle pattern is confirmed by four notable touches on its boundaries. It gave a breakout, and the pullback was complete after TRX saw a liquidity grab on August 5th, 2024. The upward thrust led to a substantial 43% surge that exceeded the previous peak of $0.1439.

The Tron has already reached the 2021 highs, and continued bullishness could potentially lead the asset to new all-time highs, targeting price levels of $0.1798 and $0.2000.

Conversely, if the price breaks down, maintaining support above $0.1438 is crucial.
A drop below this support could lead to further declines towards $0.1290 and $0.1181. Technical indicators reveal higher momentum, with the price taking support of the 20-day, 50-day, and 200-day EMAs.

The RSI has reached a notably high level of 73.07, suggesting the possibility of a price pullback or consolidation. The MACD shows a bullish crossover with a histogram at 0.003642 and a MACD line at 0.009979, but caution is advised.
Chart PatternsTechnical IndicatorsTrend Analysis

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