Tron Price Forms A Base; Potential Break Out Ahead

Summary:

TRX is attempting to form a bottom above $0.1200. There is potential for the Tron price to rally to $0.1475 if it can clear a nearby resistance level.

TRX is attempting to form a bottom above $0.12000. There is potential for the Tron price to rally to $0.14750 if it can clear a nearby resistance level.

After a blistering start to 2021, Tron has been on a roller-coaster ride in the last month. After setting a new three-year high of $0.18480 on the 16th of April, the Tron price cratered to $0.87700 the following week.

Down, but not out, the coin then made a fresh attempt at the April high, only to fall short. In a close-but-no-cigar moment, TRX rallied 100% to a high of $0.17670 before again reversing lower.

As the wider crypto market came under pressure earlier in the week, TRX traded to a low 0f $0.10310.

At the current price of $0.12650, there are some encouraging signs that Tron may be about to embark on a fresh run higher, But it first needs to clear the overhead technical resistance. If that happens, I think we may see a much, much higher Tron price on the horizon.

Tron Price Outlook

Using the 4-hour chart, we can see that the price currently tests trend line resistance at $0.12800. Previous attempts over the last two days have failed to clear the line.

Directly above this, is in my opinion, a more important trend line. This trend, from the 7th of April high, is currently situated at $0.12920.

If the Tron price can break higher through this trend line, I see a good chance of extending to the $0.14740 high of April 14th.

A rising trend line in place from the April 13th low provides support at $0.1200. If the price fails to hold this level, it would suggest TRX is not ready to break out just yet and negate the bullish call.