Amid the ongoing price correction in the cryptocurrency market, Tron (TRX) has formed a bullish price action pattern on the daily chart. On October 22, 2024, while major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) struggle to gain momentum and form a bearish pattern on the daily chart, TRX is poised for its all-time high. .
Tron (TRX) Technical Analysis and Upcoming Levels
According to the expert technical analysis, TRX has formed a bullish Morning Star candlestick pattern at a crucial support level of $0.156. The formation of this candlestick pattern has winnowed asset sentiment from a downtrend to an uptrend.
Based on the recent price action and historical momentum, there is a strong possibility that TRX could rise 7% to reach the $0.17 level in the coming days. However, TRX’s Relative Strength Index (RSI) and 200-day Exponential Moving Average (EMA) indicate a potential upside rally and uptrend for the asset.
Bullish statistics in the chain
TRX’s positive outlook is further supported by on-chain metrics. According to the on-chain analytics company Mint glassTRX’s long/short ratio currently stands at 1.02, indicating bullish sentiment among traders. Additionally, open interest has risen 4.2% over the past 24 hours, indicating growing interest from traders, likely due to the bullish price action pattern.
Currently, the key liquidation levels are at $0.154 on the downside and $0.159 on the upside, with traders at these levels being over-leveraged, according to Coinglass data.
If sentiment remains unchanged and the price rises to the $0.159 level, almost $319,510 worth of short positions will be liquidated. Conversely, if sentiment changes and the price falls to the $0.154 level, long positions worth about half a million dollars will be liquidated.
Current price momentum
At the time of writing, TRX is trading around $0.158 and has experienced a modest price increase of over 1.25% over the past 24 hours. During the same period, trading volume increased by 70%, indicating greater participation from traders and investors amid TRX’s bullish price action.
Credit : coinpedia.org
