Tron (TRX) is showing resilience in the face of a broader market correction in the cryptocurrency space. While top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are struggling, TRX is displaying a bullish price action pattern on its daily chart, hinting at a potential all-time high.
Technical analysis experts have identified a bullish morning star candlestick pattern on TRX’s daily chart, forming at a crucial support level of $0.156. This pattern has shifted sentiment for TRX from a downtrend to an uptrend, setting the stage for potential price gains.
Based on recent price movements and historical data, analysts believe TRX could surge by 7% to reach the $0.17 level in the near future. Key indicators such as TRX’s Relative Strength Index (RSI) and the 200-day Exponential Moving Average (EMA) are pointing towards an uptrend for the asset.
On-chain metrics further support TRX’s positive outlook. Coinglass data shows a long/short ratio of 1.02 for TRX, signaling bullish sentiment among traders. Additionally, open interest in TRX has increased by 4.2% in the past 24 hours, indicating growing interest from traders attracted by the bullish price action pattern.
The current major liquidation levels for TRX are at $0.154 and $0.159, with traders being over-leveraged at these points. If TRX’s price reaches $0.159, approximately $319,510 worth of short positions could be liquidated. Conversely, a drop to $0.154 could result in around half a million dollars worth of long positions being liquidated.
As of now, TRX is trading near $0.158 with a 1.25% price surge in the past 24 hours. Trading volume has also increased by 70%, indicating heightened participation from traders and investors as TRX’s bullish momentum continues.
Overall, TRX’s technical analysis and on-chain metrics paint a positive picture for the cryptocurrency, with the potential for further price gains in the near term. Investors and traders are closely watching TRX as it looks to break its all-time high and continue its upward trajectory in the volatile cryptocurrency market.