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TronWeekly

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TRON Eyes Potential Upside With Strong Target Around $0.290

  • TRON is currently trading at $0.2729 with a 24-hour trading volume of over $579.93 million.
  • The price has remained stable with a slight weekly gain of around 1%.
  • Technical indicators suggest consolidation and hint at a potential breakout formation.
  • Resistance is noted near $0.285, while support is holding around $0.270, defining a narrow trading channel.
  • TRON's market capitalization stands at $25.88 billion.
  • The price surge towards $0.290 faced resistance, leading to the current trading range between $0.270 and $0.285.
  • TRX has been consolidating with low volume and reduced volatility, indicating indecision among traders.
  • Technical patterns on the 4-hour chart support the consolidation scenario, with resistance near $0.27589 and support at $0.27136.
  • The RSI stands at 48.66, reflecting market equilibrium, while the MACD shows weak momentum, suggesting a potential breakout.
  • Analysts expect an upside breakout if TRON clears above $0.276, targeting price ranges between $0.285 and $0.290.
  • A failure to maintain above $0.270 could lead to a test of lower support levels around $0.265.
  • Traders are monitoring closely for signs of a potential breakout in the short term.

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