Tron (TRX) on the Verge of All-Time High? Daily Chart Insights
On October 22, 2024, while major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are struggling to gain momentum and are forming a bearish pattern on the daily chart, TRX is poised for its all-time high.
Tron $TRX Technical Analysis and Upcoming Levels
According to the expert technical analysis, TRX has formed a bullish morning star candlestick pattern at a crucial support level of $0.156. The formation of this candlestick pattern has sifted the asset sentiment from a downtrend to an uptrend.
Based on the recent price action and historical momentum, there is a strong possibility that TRX could soar by 7% to reach the $0.17 level in the coming days. However, TRXâs Relative Strength Index (RSI) and the 200-day Exponential Moving Average (EMA) suggest a potential upside rally and an uptrend for the asset.
Bullish On-Chain Metrics
TRXâs positive outlook is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, TRXâs long/short ratio currently stands at 1.02, indicating a bullish sentiment among traders.
As of now, the major liquidation levels are at $0.154 on the lower side and $0.159 on the upper side, with traders over-leveraged at these levels, according to Coinglass data.
If the sentiment remains unchanged and the price rises to the $0.159 level, nearly $319,510 worth of short positions will be liquidated. Conversely, if the sentiment shifts and the price drops to the $0.154 level, approximately half a million dollars worth of long positions will be liquidated.
Current Price Momentum
At press time, TRX is trading near $0.158 and has experienced a modest price surge of over 1.25% in the past 24 hours. During the same period, its trading volume jumped by 70%, indicating higher participation from traders and investors amid TRXâs bullish price action.
