During the ongoing price adjustment in the cryptocurrency market, Tron (TRX) has formed a bullish price trend pattern on its daily chart. On October 22, 2024, while major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are struggling to gain momentum and are forming bearish patterns on their daily charts, TRX is poised to reach an all-time high.

Technical Analysis and Upcoming Levels for Tron (TRX)

TRX has formed a bullish morning star candlestick pattern at the key support level of $0.156. The formation of this candlestick pattern has shifted the asset's sentiment from a downtrend to an uptrend.

Based on recent price movements and historical momentum, TRX is likely to surge 7% in the coming days, reaching the level of $0.17. However, TRX's Relative Strength Index (RSI) and 200-day Exponential Moving Average (EMA) indicate that the asset may experience an upward rebound and bullish trend.

Bullish On-Chain Indicators

TRX's positive outlook is further supported by on-chain indicators. According to data from on-chain analytics company Coinglass, TRX's long/short ratio currently stands at 1.02, indicating bullish sentiment among traders. Additionally, its open interest has increased by 4.2% in the past 24 hours, suggesting growing interest from traders, likely due to the bullish price action pattern.

According to Coinglass data, the major liquidation levels as of now are a lower bound of $0.154 and an upper bound of $0.159, where traders are over-leveraged.

If sentiment remains unchanged and the price rises to $0.159, short positions worth nearly $319,510 will be liquidated. Conversely, if sentiment changes and the price drops to $0.154, long positions worth about $500,000 will be liquidated.

Current Price Momentum

At the time of writing, TRX is trading near $0.158, with a slight increase of over 1.25% in the past 24 hours. During the same period, its trading volume surged by 70%, indicating increased participation from traders and investors in TRX's bullish price trend.