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Apr 14, 2024 22:30 - TRX Price Prediction: New All-Time High This Summer?
The TRX price has increased alongside an ascending support trend line since the start of the year. The price bounced at this trend line for the final time in August 2023 and accelerated its rate of increase.
The upward movement led to a high of $0.145 in February. At the time, TRON’s founder Justin Sun revealed that he owns more than 28,000 BTC, drawing scrutiny from the SEC.
The price has fallen since and returned to the $0.115 support area this week, where it initiated a bounce.
Despite the decrease, the weekly RSI is still above 50. It has been above this level since the start of the upward movement. So, the trend can be considered bullish as long as the weekly RSI does not close below 50.
With the price action and RSI readings, the most likely outlook will be consolidation between the $0.115 and $0.14 range before an eventual breakout takes the price to a new all-time high.
Conversely, the next closest support is created by the ascending support trend line at $0.100.
