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Currently, TRX has broken above the upper trendline of the descending channel at $0.24, indicating potential bullish momentum. This breakout aligns with Elliott Wave theory, suggesting the completion of the Y-wave and the beginning of a new impulsive cycle.
The 0.618 Fibonacci retracement at $0.269 represents a key level that TRX must reclaim to sustain its bullish trajectory.
The Relative Strength Index (RSI) on the 4-hour chart is recovering from neutral territory, signaling increasing momentum. However, it has yet to reach overbought conditions, meaning further upside remains possible before a correction.
If the price can hold above $0.24, it would confirm the strength of the breakout. Failure to sustain momentum could see a retest of lower support levels, with $0.22 (0.786 Fibonacci retracement) acting as the last line of defense before further downside potential emerges.
TRX Price Prediction
The 1-hour TRX chart provides a detailed view of the breakout structure and short-term wave projection. The price has initiated what appears to be Wave (iii) of a five-wave impulse, with a strong move above the former channel resistance.
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