Analyst Predicts TRON’s (TRX) Bullish Rise to $1.11 Amid Strong Price Momentum

• Analyst projects TRX to rise by 720%, targeting $1.11 if current bullish momentum sustains.
• TRX’s symmetrical triangle breakout signals a potential rally towards $1.713.
• Strong RSI and MACD trends reinforce TRX’s bullish outlook, with buying interest at $0.1500 and $0.1300 support levels.

TRON (TRX), has shown substantial bullish momentum, suggesting a potential major price breakout. Analyst JavonTM1 noted a possible 720% upside, with TRX potentially reaching the $1.11 mark. He reveals an ongoing trend, with TRX demonstrating a strong upward trajectory and hitting significant price levels over past recent years.

TRX Price Trends: Notable Rises and Consolidation Patterns

Since mid-2020, TRX has seen a significant upward push, particularly between mid-2020 and early 2021, when prices increased by roughly 172%. Following this, the cryptocurrency entered a consolidation phase marked by a symmetrical triangle pattern, with prices forming a structure of lower highs and higher lows. This formation, often indicating a period of market indecision, ultimately saw TRX continue its ascent.

The pattern’s breakout suggests further upside. Using Fibonacci extensions, a notable target sits at $1.713, a level that aligns with this bullish outlook. Analysts consider this point a crucial target for confirming a continuation of the current trend.

Key Support and Resistance Levels in Focus

TRX has recently reached key resistance points, including a $1.713 level derived from previous price swings. If the price breaches this level, it could prompt further gains; however, if sellers take profits here, it could lead to a minor retracement. Below this level, former triangle boundaries now serve as support, potentially establishing a solid base for continued upward movement.

Further down, key support levels around $0.1500 and $0.1300 show solid buying interest. These points were repeatedly tested during prior pullbacks, maintaining the trend’s integrity. Such levels offer a foundation that could attract buyers if the price corrects in the short term.

Technical Indicators Signal Persistent Buying Pressure

TRX has a robust RSI at 63.71, suggesting a moderately strong buying trend. RSI levels consistently remain within the bullish 50-70 range, indicating sustained buying momentum without reaching an overbought zone. The MACD indicator also shows a positive crossover, with the MACD line above the signal line and green histogram bars steadily rising.

Volume analysis further highlights a healthy trend, with daily trading activity at 45.855 million, reflecting moderate trader interest. However, recent volume has been slightly lower, suggesting that the market could be in a consolidation phase before its next move.