TLDR
- TRON price has surged from $0.2170 to $0.2475 in recent days
- The $0.2475 level has become a critical resistance that TRX is struggling to break
- Network activity reached a 2-month high with 2.94 million active addresses on March 4
- Analysts predict TRX could potentially reach $1 based on historical 200-300% surges
- Technical indicators show a consolidation phase with bullish momentum building
TRON (TRX) is currently testing a key resistance level after a week of volatile price action. The cryptocurrency has been on an upward trend since February 28, but faces challenges breaking above the $0.2475 price point.
TRX started its recent climb on February 28 at 09:00 UTC when it broke out from a trading range after hitting a low of $0.2170. This breakout formed what analysts call a “spike and channel pattern” and coincided with a Golden Cross, a bullish technical indicator.
The price pushed upward to $0.2370 as the Relative Strength Index (RSI) moved above 70. This high RSI reading suggested the asset was becoming overbought.
TRX Price
On March 1, the Moving Average Convergence Divergence (MACD) showed a Death Cross at 05:00 UTC. Both indicators pointed to lower prices ahead, and the price did break downward from its channel at 11:00 UTC that day.
Rather than continuing downward, TRX formed a new range. This range broke to the upside at 22:00 UTC, supported by another Golden Cross in the MACD indicator.
The upward momentum continued on March 2. TRX formed another range that broke upward at 13:00 UTC, pushing the price to the weekly high of $0.2475.
At this point, the cryptocurrency failed to maintain its upward channel. Instead, it formed an expanding triangle pattern at 18:00 UTC on March 2.
Technical indicators again suggested a downward move was coming. The RSI moved above 70, and the MACD showed another Death Cross at 23:00 UTC.
Despite these bearish signals, the expanding triangle broke upward on March 3 at 10:00 UTC. However, this upward breakout failed to hold as predicted by the indicators.
An engulfing candlestick pattern at 14:30 UTC pushed the price lower. This downward spike brought TRX back to the $0.2265 level.
The RSI fell below 30, indicating oversold conditions. A Golden Cross appeared in the MACD at 02:00 UTC. These signals suggested a potential bounce, and TRX found support at $0.2270.
The price formed another upward channel in an attempt to resume the uptrend. At 01:30 UTC, the RSI moved above 70 again, and the MACD showed a Death Cross, both warning of another potential drop.
TRX continued to push toward the resistance level of $0.2475. The upward channel broke downward at 10:00 UTC on March 6, bringing the price to $0.2350 and creating a support zone.
As the RSI dropped below 30 and another Golden Cross appeared in the MACD, the price began rising again at 01:00 UTC on March 7. It formed another channel upward.
Upon reaching the resistance level of $0.2475 again, TRX formed a range. This range broke upward at 05:00 UTC on March 8, the most recent development.
The $0.2475 level has proven to be a critical resistance point for TRON. If TRX can push above this level, further bullish momentum could follow.
Network Activity
Network activity on the TRON blockchain has shown strong growth recently. On March 4, the network recorded 2.94 million active addresses, its highest level in two months.
This increase in active addresses indicates growing interest in the TRON platform. Blockchain health is often measured by active address count, as it shows actual usage of the network.
Currently, TRX is trading at around $0.2458, showing a 2% increase over the past 24 hours. The day’s trading range has been between $0.2407 and $0.2465.
The price action shows stable support at the $0.240 level. Many traders view this as a sign of strength that could lead to further gains in the coming weeks.
Technical indicators show buying pressure exceeding selling pressure. The Bull Bear Power analysis reports a positive value of 0.0105, indicating a slight bullish bias.
However, the current buying momentum lacks the strength needed for major price gains. The market remains in a consolidation phase for now.
TRON is currently at the lower edge of the Bollinger Bands indicator. This suggests relatively low market volatility at present.
The tight Bollinger Bands point to a market stabilization phase. Analysts note that a move above the middle band could signal an upcoming rise in price.
Some cryptocurrency analysts have made bold predictions about TRON’s future price. Several reports suggest a potential target of $1 for TRX in the upcoming bull cycle.
These predictions are based on historical data showing TRX achieved increases of 200-300% during certain periods. Between October and November 2024, TRX rose from $0.16 to $0.426 by December 2024.
The critical question remains whether TRX can break through the $0.2475 resistance level. This breakthrough would be needed to continue the current bullish trend.
