After recording an impeccable price action during August, the Tron (TRX) price has displayed a cool-off phase in its price action. Moreover, with its YTD return of +48.37%, it has claimed the spot of one of the best-performing Layer-1 projects of this year.
Notably, the TRX token requires a jump of ~6% to record a new yearly high and requires a surge of less than 2X to achieve a new ATH. With the rising adoption of the Tron ecosystem, will this altcoin break all odds and achieve a new high this year?
TRX Crypto On The Verge Of a Major Breakout?
With a trading volume of $373.92 million and a jump of 2.43% in valuation, the Tron price has successfully reclaimed the $0.160 mark. Moreover, this altcoin has recorded a stable price action by adding 3.63% over the past week and 3.89% over the past month.
Notably, the TRX token has formed a symmetric triangle pattern and has continued to trade within it since August. Positively, it is hovering close to its resistance trendline and is on the verge of a breakout. That being said, the result of this event is uncertain.
Tron Technical Sentiments
The MACD shows a constant green histogram in the 1D time frame. With its averages showing a rising pattern, the Tron price hints at a bullish outlook in its price trend during the upcoming time.
The Simple Moving Average (SMA) constantly supports the TRX price chart. The rising technical indicators suggest that the price will continue gaining value this week.
Will TRX Price Hit $0.20 This Uptober?
In case the bullish momentum sustains, the Tron price could retest its resistance level of the symmetric triangle pattern. Moreover, if the bullish sentiment intensifies, this could result in it heading toward its upper resistance level of $0.1760 this month.
Conversely, if the bears outrun the bulls, this could result in the price retesting its support trendline of the triangle pattern. Furthermore, if the bulls fail to hold the price at that level, the TRX coin price may plunge toward its lower support zone of $0.140.
Concerned about the future of your TRX holdings? Read our Tron Price Prediction for exclusive insights!
