TRX price analysis shows a bullish setup as the cryptocurrency is approaching a critical resistance level, indicating a possible breakout that would surge prices. With a current price of approximately $0.3228, the cryptocurrency is testing the 0.5 Fibonacci retracement area at 0.3257, which has served as price resistance in the past.
This action follows several weeks of strong upward progress, with a strong bullish trendline and higher weekly closes. The price is accumulating pressure at this resistance level, and a clean break above would open up a new rally.
TRX Price Chart (Source: TradingView)
According to the TRX price forecast, two clear targets lie ahead:
- The initial target is determined at approximately $0.3972, which coincides with the 0.786 Fib level.
- In addition to this short-term target, a retest of TRX’s all-time high at $0.4505 is in the pipeline. Should the bullish momentum prevail, it would represent a 39.6% gain over the current values.
Conversely, this rally has a strong foundation. TRX remains buoyed above the 0.382 Fibonacci level at $0.2963, and the rising trendline has been used to catapult each new leg up. Price action suggests confidence among buyers, especially as the token consolidates just below resistance—often a prelude to a breakout.
The resistance at $0.3257 will be difficult to break, but its failure will swing the balance in favor of the bulls. If momentum fades, however, TRX could revisit lower support levels before making another attempt.
On-Chain Momentum Builds: TRX Holders in Strong Profit Zone
With TRON approaching a critical breakout, on-chain indicators are turning green in more than one way. New data shows that more than 96 percent of wallet addresses containing TRX are now in profit, amounting to more than 90.4 billion TRX, a good sign of long-term investor confidence and a lower risk of panic selling.
TRX Global In/Out of the Money Chart (Source: IntoTheBlock)
This insanely lucrative positioning, as evidenced in the recent Global In/Out of the Money chart, portrays the image of a network supported by conviction. Only 2.96% of addresses are out of the money, indicating little overhead resistance in case the prices go up.
The bullish setup is further enhanced by the fact that Tether has minted $1 billion worth of USDT on the TRON chain as part of an $8 billion issuance blitz over the last 25 days across TRON and Ethereum. That liquidity has been sucked up by TRON alone to the tune of $2 billion, further cementing its position as an increasingly significant component of the stablecoin infrastructure and increasing the amount of transactions that can be completed on-chain.
With liquidity rising and the majority of holders comfortably in profit, TRX enters a favorable zone both technically and fundamentally. Assuming that the current resistance breaks, this combination of bullish signs can speed up the process towards the next significant price targets.
Read more: TRON Price Eyes 26% Gain
