Alert Traders: Tron ($TRX ) Primed for 10% Price Surge
After a recent price decline of over 12%, Tron (TRX) is showing signs of recovery. Its price action and on-chain metrics indicate bullish momentum. TRX broke past the strong resistance level at $0.145 and has since gained more than 16% without retesting it.
Successful Retest of Breakout
Despite the market downturn, TRX successfully retested its breakout zone and is now moving upwards, supported by a strong daily candle. As of now, TRX is trading around $0.151, having seen a 3% increase over the past 24 hours. However, its trading volume has decreased by 17%, likely due to market volatility and bearish sentiment.
Price Outlook for Tron (TRX)
Technical analysis shows that TRX remains bullish, trading above the 200 Exponential Moving Average (EMA) on the four-hour chart, signaling an uptrend. Additionally, the formation of a doji candle near the support level and 200 EMA further suggests positive momentum.TRX has broken out of a descending trendline and is facing minor resistance near $0.152. If it closes above this level, there’s a strong chance it could rise by 10% to reach $0.167, based on its historical price movements.
Bullish Indicators from On-Chain Metrics
Data from CoinGlass shows that the TRX Long/Short ratio stands at 1.0509, reflecting bullish sentiment (a value over 1 confirms this). Currently, 51.24% of traders are holding long positions, while 48.7% are short.In addition, open interest in TRX has risen by 8% in the past 24 hours, further indicating an increase in long positions. The combination of a favorable long/short ratio and rising open interest suggests a solid buying opportunity for traders. These metrics are often used by traders to inform their long/short position strategies.
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