TRX Analysis: Is $0.30 in Sight as WLFI Buys 11M TRX？

With altcoins returning to a recovery track, Tron (TRX) reveals a potential breakout opportunity. Will this breakout push TRX towards the $0.30 mark？

As the total crypto market cap, excluding Bitcoin and Ethereum, surges above the $1 trillion valuation, altcoins are gaining bullish momentum. Among the top-performing tokens, Tron is emerging as a rising star.

Over the past 24 hours, TRX has increased by 4.73%, reaching the $0.25 psychological mark. Accordingly, Tron has reclaimed a market cap of $21 billion. Will the ongoing recovery rally result in a breakout to $0.30？ Lets find out.

Tron Price Analysis

On the 4-hour chart, the TRX price trend shows a local resistance trendline formed from low-rise formations. Additionally, the price trend indicates a local support trendline, completing a falling channel pattern.

Tron Price Chart

Currently, TRX is challenging the overhead trendline with the ongoing recovery. As it inches closer to a potential falling channel breakout, Tron has posted an intraday gain of 2.90%.

On the daily chart, TRX has formed three consecutive bullish candles, signaling a rise in bullish sentiment. The RSI is nearing the overbought level, indicating strengthening bullish momentum. Furthermore, the exponential moving average lines are showing signs of a positive crossover between the 20-day and 100-day EMAs.

World Liberty Financial Adds Tron

Amid the growing bullish sentiment, Donald Trump‘s World Liberty Financial has purchased 10.81 million TRX tokens. This brings World Liberty Financial’s total TRX holdings to 30.11 million tokens, worth $7.35 million.

Notably, the latest purchase of $2.65 million worth of TRX showcases the increasing support from World Liberty Financial for the DeFi token.

TRX Price Targets

Based on Fibonacci levels, if the recovery rally manages to break through the local resistance trendline, the uptrend is likely to reach the critical resistance at the 38.20% Fibonacci level, around $0.3021. On the flip side, a bearish reversal would likely retest the 50 EMA line at $0.24.