TRON Price Prediction: Will TRX Crypto Shoot Up To $0.12 in 2023?

• TRON price prediction highlights the bullish sentiments for the TRX crypto.
• TRX crypto price delivered  a year-to-date profit of 60%
• TRX price is attempting to break a key resistance level of $0.09080

TRON’s (TRX) price prediction highlights the bullish sentiments for the TRX crypto, which has been climbing since November 2022. The TRX token dipped to a low of $0.0457 before starting its recovery. The price has made a recovery of almost 100% so far. The bulls invaded multiple resistance levels before reaching their current market price. However, it still needs to surpass key resistance levels to fully escape from the bearish grips. 

At the time of writing, the current market price of TRX tokens is $0.08721. The 24-hour trading volume saw a massive pump of 263.41%. The market is up 8.79% in the last 24 hours. The overall market cap of TRX is $7,825,003,503.

Can TRX Break the Immediate Resistance?

TRON’s (TRX) price prediction reveals that the bulls started accumulating the TRX token at its depths and continued their buying spree until now. This allowed the price to flip the 9, 15, and 200 EMAs, which signifies the bullish strength of the market. The TRX coin witnessed a correction of 25% from its resistance of $0.08595.

The Bulls quickly bought the dip, driving the price up by 45%, where the price briefly went above the resistance of $0.0908. The bulls are attempting a breakout of this resistance level. If the TRX token price breaks and sustains above the resistance, it will spark a bullish rally of almost 36%, driving the price to the next supply zone of $0.1228.

The Short term Chart Highlights The Recent Pump

The 4-hour chart reveals the recent price action, which shows that the market is witnessing strong buying. The Tron price has jumped 17% in a single candle, displaying aggressive buying from investors. This pump was intended to break the resistance powerfully.

Moreover, the TRX price has started showing momentum after a sluggish movement to the upside. The high volume indicates that the market has attracted aggressive buyers, pushing the price high. At present, the market is extremely bullish, and technical indicators conclude the same. At the same time, the TRX token is getting resisted by the sellers at the resistance.

RSI

The RSI indicator is currently at 66.97 It represents bullish conditions where the price may continue to rise until RSI crosses below 50. Aggressive buying may happen only if RSI goes above 70

MACD

MACD made a bullish crossover above the 0 line. This indicates that the market may move to the upside in the short term. The price can rise until the MACD makes a bearish crossover.

200 EMA

On the 4-hour chart, the price is above the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as a dynamic support and the price may move up until it crosses below the 200 EMA.

Conclusion

TRON’s (TRX) price prediction highlights the bullish sentiments for the crypto, which has been climbing since November 2022. The market is extremely bullish, and there are no major signs of any trend reversal. The price has reached a key resistance, and it’s important for the price to break it so that the bullish momentum can be sustained and the Tron prices reach upper levels. Currently, the market is volatile, and it’s important to follow risk management.

Technical Levels

• Support level: The nearest support level is at $0.07967
• Resistance level: The nearest resistance level is at $0.09080

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.