TRX Crypto On The Verge Of a Major Breakout?

After recording an impeccable price action during August, the Tron (TRX) price has displayed a cool-off phase in its price action.

The Tron (TRX) price has displayed a cooling-off phase in its price action after recording an impeccable rally in August. Having said that, the token boasts a YTD return of 48.37%, claiming the spot of one of the best-performing Layer-1 projects of this year.

Moreover, the TRX token price showcased a phenomenal rally during the past couple of months. As a result, it now trades at a crucial juncture, displaying the potential for either a breakout or breakdown from its prevailing technical formation.

Tron (TRX) Price Analysis: TRX Price At A Crucial Juncture

At the time of writing, the Tron price is valued at $0.1603 after displaying a rise of 2.43% in valuation. Additionally, the Tron coin price showcases a jump of 3.63% over the past week and 3.89% over the past month, showcasing a stable price action in the market.

TRX/USD price chart by Tradingview

The TRX token price formed a bullish symmetric triangle pattern on its technical chart. Interestingly, the token has continued to trade within this pattern since August.

Now, the TRX price is displaying a close proximity to the resistance trendline of the triangle pattern. As a result, the token is now on the verge of breaking out of this pattern. However, the direction of this breakout remains uncertain.

Tron Technical Analysis: TRX Price Hints At A Bullish Outlook

The Moving Average Convergence Divergence (MACD) indicator on the 1D time frame showcases a constant formation of a green histogram.

Furthermore, the averages within the indicator display a rising pattern. As a result, the Tron price hints at a bullish outlook in its price trend during the upcoming time.

The Simple Moving Average (SMA) line is constantly seen providing support to the TRX price chart. Moreover, the rising technical indicators suggest that the price will continue gaining value this week.

TRX On-Chain Analysis Suggests Price May Head Towards $0.1760

In case the bullish momentum sustains itself, 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.

TRX’s Price Action May Be Impacted By This Event

A renowned crypto analyst known as ‘Galaxy’ has recently shared his thoughts on the TRX price in a new video commentary.

In this commentary, Galaxy highlights the Tron price’s formation of a “beautiful symmetric triangle” on its price chart for the past four months. Additionally, he notes that the token has been “coiling up” within this triangle.

Galaxy Price Analysis on TRX Price Movement (TRX/USDT 12H Chart) – Galaxy (Youtube)

Galaxy states that the Tron price is currently displaying a “make or break” scenario as it trades within this triangle pattern. He adds that TRX is either going to “break out or break down” from this pattern soon.

Galaxy Continues, Highlighting TRX Price’s Potential Targets

The crypto analyst continues his analysis, stating that the Tron price is either going to “go up or go down” after breaking out or breaking down from the triangle pattern.

If TRX breaks out to the upside, Galaxy notes that the first target price is located at $0.1760, followed by another target at $0.20. He adds that these targets are based on the height of the triangle pattern.

Galaxy also states that if the Tron price breaks down from the triangle pattern, the first support level is situated at $0.1340. He adds that another support level is located at $0.1170.

Galaxy Concludes TRX Price Analysis, Highlighting Key Resistance Zone

The crypto analyst concludes his analysis by stating that the Tron price is displaying a “key resistance zone” between $0.161 and $0.163. He adds that if TRX manages to break above this zone, it could target the $0.1760 price level.

Galaxy adds that if the Tron price fails to break above this resistance zone, it could retest the lower support trendline of the triangle pattern. He states that if the bulls fail to defend the price at that level, TRX may head toward its lower support zone of $0.140.

Tron (TRX) Price Analysis: TRX Price May Hit $0.20 This Uptober Concerned about the future of your TRX holdings? Get exclusive insights with our Tron Price Prediction

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