TRX, the native token of the Tron blockchain, has enjoyed a notable bullish streak, with its price surging to impressive highs over the past week. As of the latest update, TRX is trading at $0.1642, reflecting a 9.60% increase in the last 24 hours and a substantial 25.43% rise over the past seven days.
This surge in TRX’s value follows a significant announcement from Tron’s founder, H.E. Justin Sun, earlier this week. Sun revealed plans to introduce a meme ecosystem on the Tron blockchain, a move that has generated considerable excitement within the community. Influential leaders within the Tron ecosystem have expressed strong interest in this development, aiming to attract millions of users to the platform.
TRX/USD 1-Day Chart (Source: CoinMarketCap)
In line with this growing optimism, Tron’s market capitalization has soared, reaching $14.269 billion. This surge has allowed TRX to surpass Cardano, positioning it as the 10th largest cryptocurrency by market cap. Additionally, TRX’s 24-hour trading volume has seen a dramatic increase of 119.10%, rising to $1.870 billion.
Technical Breakout: TRX Exits Symmetrical Triangle Pattern
According to TradingView data, TRX has broken out of a symmetrical triangle pattern, which is typically associated with a consolidation phase before a significant price movement. This breakout to the upside suggests that TRX could be poised for a bullish rally. Historically, TRX last traded in this price region briefly in January 2018 and May 2021, before experiencing significant declines. The $0.145 level has been a critical area, often marking periods of volatility.
Market Outlook: Will TRX Pull Back or Continue Climbing?
Despite the recent gains, some market analysts anticipate a near-term correction. The Relative Strength Index (RSI) currently trends in overbought territory at 71.43, indicating that a pullback may be on the horizon. Should this occur, TRX could dip towards the $0.145 mark to find support. A breach below this level might lead to further declines, possibly retesting the recent low of around $0.1165.
TRX/USD 1-Week Chart (Source: TradingView)
However, if TRX sustains its bullish momentum, it could challenge its previous highs, potentially breaking past $0.1844, a level last reached in April 2021. Success in this area could fuel further gains, pushing TRX towards the next resistance zone at $0.2122.
