Tron (TRX) Poised for Upside Rally: Market Analysis and Price Predictions
After experiencing a continuous price drop of over 12% in recent days, Tron (TRX) is now showing signs of a potential upside rally. Its recent price action and on-chain metrics are hinting at bullishness. Following a breakout from a strong resistance level of $0.145, TRX has soared more than 16% and has not retested this level since.
Tron Successful Breakout Retest
Despite the recent market decline, Tron has successfully retested its breakout area and is now experiencing an upward movement with a strong daily candle. As of the latest data, TRX is trading near the $0.151 level, having experienced a price surge of over 3% in the last 24 hours. Meanwhile, its trading volume has seen a 17% decline in the same period, likely due to the highly volatile market and prevailing bearish sentiment.
Tron Price Prediction
Expert technical analysis reveals that, unlike many other major cryptocurrencies, TRX appears bullish and is trading above the 200 Exponential Moving Average (EMA) on a four-hour time frame. This indicator suggests an uptrend. Additionally, the formation of a doji candle at the support level and the 200 EMA further hints at bullish momentum.
TRX has managed to break out of a descending trendline and is currently facing a minor resistance level near $0.152. Historical price momentum indicates that if TRX closes a candle above this resistance level, there is a high possibility that it could soar by 10% to reach the $0.167 level.
Bullish On-Chain Metrics
CoinGlass’s TRX Long/Short ratio signals a bullish sentiment in the market. The current ratio stands at 1.0509, indicating a bullish outlook (a value above 1 signifies bullish sentiment). Additionally, 51.24% of traders are holding long positions, while 48.7% are holding short positions.
Moreover, TRX’s open interest has increased by 8% in the last 24 hours, signaling the buildup of more long positions during this period. The combination of a bullish long/short ratio with rising open interest suggests a strong buying opportunity. Traders often utilize this data to build their long/short positions effectively.
In conclusion, Tron (TRX) is showing promising signs of an upside rally with its recent breakout retest, bullish price action, and supportive on-chain metrics. Investors and traders should keep an eye on TRX as it navigates the resistance levels and potentially moves towards new highs.
