In the midst of a widespread price correction impacting the cryptocurrency market, Tron (TRX) is distinguishing itself with a promising bullish pattern on its daily chart. As of October 22, 2024, while major players such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are facing challenges in gaining momentum and displaying bearish trends, TRX appears to be gearing up for an all-time high.
Tron (TRX) Technical Analysis and Upcoming Levels
Expert technical analysis reveals that TRX has developed a bullish morning star candlestick pattern at a significant support level of $0.156. This formation has shifted the asset’s sentiment from a downtrend to a burgeoning uptrend. According to Trading View data, the recent price action and historical trends suggest a strong possibility of TRX escalating by 7%, potentially reaching the $0.17 mark in the imminent future. The Relative Strength Index (RSI) and the 200-day Exponential Moving Average (EMA) further bolster the potential for an upward rally and sustained uptrend.
Bullish On-Chain Metrics
TRX’s optimistic outlook is further reinforced by on-chain metrics. Data from the on-chain analytics firm Coinglass indicates that TRX’s long/short ratio is currently at 1.02, reflecting a bullish sentiment among traders. Furthermore, open interest has surged by 4.2% over the past 24 hours, signifying increased trader interest, likely driven by the bullish price action pattern.
Currently, significant liquidation levels are positioned at $0.154 on the lower spectrum and $0.159 on the upper end, with traders being over-leveraged at these junctures, as per Coinglass insights. Should the sentiment remain unchanged with a price rise to $0.159, approximately $319,510 in short positions could face liquidation. Conversely, a sentiment shift with a price drop to $0.154 could result in the liquidation of nearly half a million dollars in long positions.
Current Price Momentum
As of this writing, TRX is trading near $0.158, having experienced a modest price increase of over 1.25% in the past 24 hours. During the same timeframe, trading volume has soared by 70%, indicating heightened participation from traders and investors amidst TRX’s bullish price action. This surge in trading activity underscores the growing interest and confidence in TRX’s potential upward trajectory.
