$TRX Set for 10% Price Surge, Here’s Why - CoinPedia Analytics

After a recent 12% price drop, Tron (TRX) is showing signs of a potential rally. Following a breakout above $0.145, TRX surged over 16% but has not retested this level. Currently trading near $0.151, TRX has risen over 3% in the last 24 hours, though trading volume has declined by 17%, possibly due to market volatility.

Technical analysis suggests a bullish outlook for TRX. The cryptocurrency is trading above the 200 Exponential Moving Average (EMA) on a four-hour timeframe, and a doji candle at the support level reinforces this bullish signal. If TRX closes above the $0.152 resistance, it could rise 10% to around $0.167.

On-chain metrics also support the bullish sentiment. The TRX Long/Short ratio is at 1.0509, indicating more long positions. Open interest has increased by 8% in the last 24 hours, suggesting a strong buying opportunity as traders build long positions.