Tron successfully breaks out of retest
With the recent market decline, it has successfully retested its breakout zone and is currently experiencing strong upside movement on the daily chart.
At press time, TRX is trading near $0.151, with its price up more than 3% in the past 24 hours. Meanwhile, its trading volume has dropped by 17% over the same period. The drop in trading volume could be due to the volatile market and bearish sentiment.
Tron Price Prediction
According to expert technical analysis, TRX is showing bullish momentum, trading above the 200 exponential moving average (EMA) on four timeframes, unlike major cryptocurrencies, indicating an uptrend. Moreover, a doji candle has formed at the support and the 200 EMA, further hinting at bullish momentum.
TRX has successfully broken out of the downtrend line and is currently facing a minor resistance near $0.152. Based on historical price momentum, if TRX closes above this resistance, there is a high chance that it will surge by 10% to $0.167 levels.
Bullish On-Chain Indicators
CoinGlass’ TRX long/short ratio indicates bullish sentiment. According to the data, the ratio is currently at 1.0509, indicating bullish sentiment (values above 1 indicate this). Meanwhile, 51.24% of traders hold long positions, while 48.7% hold short positions.
On the other hand, TRX’s open interest has increased by 8% in the past 24 hours, indicating an increase in long positions during this period. The combination of a bullish long/short ratio and rising open interest indicates a strong buying opportunity. Traders often combine this data when establishing long/short positions.
