As Tron Price Exits 3-Month Range, Could TRX Reach $0.40?
Tron price is approaching a breakout above $0.25, with on-chain data suggesting a bullish outlook toward $0.40.As the broader market recovers, Tron is preparing for a significant breakout rally. After months of consolidation, the bullish potential for TRX is substantial. With rising Total Value Locked (TVL) and positive on-chain signals, could this momentum push TRX toward $0.40?Tron Price AnalysisOn the daily chart, Trons price trend is showing a bullish comeback, testing the psychological $0.25 level. This level aligns with the top of a consolidation range that has been forming since mid-January, with a floor price at $0.21.Over the past four days, TRX has surged nearly 9%, and last week, the price jumped around 11% from $0.23 to $0.25. As of now, TRX is trading at $0.2565, registering a 0.83% intraday recovery.The continuous bullish candles on the daily chart indicate that a breakout from the consolidation range is increasingly likely. Technical indicators also support a potential strong upward move. The Supertrend indicator has turned positive, with TRX moving above the Supertrend average line. Additionally, the MACD indicator is showing bullish histograms, signaling a trend reversal.According to trend-based Fibonacci levels, the breakout from the consolidation range could face resistance around the 73.6% retracement level at $0.2664. If this level is cleared, the uptrend could target the 67.8% retracement level near $0.40.On the downside, support at $0.21 is likely to hold, making a bearish reversal less probable.Tron TVL Hits $5B, On-Chain Data Targets $0.51As TRX nears a major breakout, the Total Value Locked (TVL) in Trons DeFi ecosystem has surpassed $5.052 billion.This surge in TVL is accompanied by a rise in decentralized exchange (DEX) volume. The volume has reached $119.66 million, with daily transactions hitting $9 million, according to DeFiLlama.Meanwhile, the price temperature data from CryptoQuant also reflects the growing bullish sentiment for Tron. TRX is approaching its one-year moving average plus two standard deviations at $0.2927.A breakout above this level could push the price toward the one-year moving average plus six standard deviations at $0.5172.On the flip side, the price temperature shows key support for Tron at the one-year moving average of $0.1804, which should hold if a bearish reversal were to occur.
Text source: The Crypto Basic
