As the cryptocurrency market experiences a price correction, Tron (TRX) stands out with a bullish price action pattern on its daily chart. While major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) struggle to gain momentum and form bearish patterns, TRX is poised for an all-time high.
Tron (TRX) Technical Analysis and Upcoming Levels
Expert technical analysis reveals that TRX has formed a bullish morning star candlestick pattern at a crucial support level of $0.156, signaling a shift in sentiment from downtrend to uptrend. Based on recent price action and historical momentum, TRX could potentially rise by 7% to reach $0.17 in the near future. The Relative Strength Index (RSI) and the 200-day Exponential Moving Average (EMA) also support an upward rally for TRX.
Bullish On-Chain Metrics
On-chain metrics further bolster TRX’s positive outlook. The long/short ratio currently stands at 1.02, indicating bullish sentiment among traders. Open interest has increased by 4.2% in the past 24 hours, reflecting growing interest from traders drawn to the bullish price action pattern. Major liquidation levels are at $0.154 and $0.159, with over-leveraged traders at risk at these levels.
If TRX reaches $0.159, approximately $319,510 worth of short positions will be liquidated. Conversely, a drop to $0.154 could result in the liquidation of around half a million dollars worth of long positions.
Current Price Momentum
TRX is currently trading near $0.158, with a 1.25% price surge in the past 24 hours. Trading volume has increased by 70%, indicating higher participation from traders and investors amidst TRX’s bullish price action.
