After a steady decline of more than 12% in recent days, TRON (TRX) is preparing for a strong rally, as price action and on-chain indicators show bullish signals. After breaking above the strong resistance level of $0.145, the price increased by more than 16% without ever retesting.
TRON successfully retests after breakout
With the recent market decline, TRX has successfully retested the breakout zone and is currently experiencing a strong bullish rally with a solid daily candle.
At the time of writing, TRX is trading near $0.151 and has seen a price increase of more than 3% over the past 24 hours. Meanwhile, volume has dropped by 17% over the same period. This decline could be due to high market volatility and bearish sentiment.
TRON Price Prediction
According to technical analysis from experts, unlike other major cryptocurrencies, TRX shows a strong bullish signal and is trading above the 200 exponential moving Medium (EMA) on the four-hour time frame, indicating an uptrend. In addition, the formation of a doji candle at the support level and the 200 EMA further strengthens the bullish signal.
TRX has successfully broken the bearish trend line and is now facing minor resistance near $0.152. Based on historical price momentum, if TRX closes a candle above this resistance, there is a high chance that it could rally another 10% to $0.167.
on-chain metrics grow
TRX Longing/ Short Ratio on CoinGlass shows bullish sentiment. According to data, the current ratio is 1.0509, indicating bullish sentiment (a value above 1 indicates this). Meanwhile, 51.24% of traders hold long positions, while 48.7% hold short positions.
On the other hand, TRX open interest has increased by 8% in the last 24 hours, indicating the formation of additional long positions during this period. Combining the rising Longing/ Short ratio with the rising open interest suggests a strong buying opportunity. Traders often use this data to build long/short positions.
