Bijie.com reports:
During the ongoing price adjustment in the cryptocurrency market, Tron (TRX) has formed a bullish price trend pattern on its daily chart. On October 22, 2024, while major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) were struggling to gain momentum and forming bearish patterns on the daily chart, TRX is ready to set a new all-time high. Tron (TRX) technical analysis and upcoming levels.
TRX has formed a bullish morning star candlestick pattern at a key support level of $0.156. The formation of this candlestick pattern has changed the asset sentiment from a downtrend to an uptrend.
Based on recent price trends and historical momentum, TRX is likely to surge by 7% in the coming days, reaching a level of $0.17. However, TRX’s relative strength index (RSI) and 200-day exponential moving average (EMA) indicate that the asset could experience a bullish rebound and upward trend.
Bullish on-chain indicators
The positive outlook for TRX is further supported by on-chain indicators. According to data from on-chain analytics firm Coinglass, TRX’s long/short ratio is currently at 1.02, indicating bullish sentiment among traders. In addition, its open interest has increased by 4.2% in the past 24 hours, indicating growing interest from traders, possibly due to the bullish price behavior pattern.
According to Coinglass, the major liquidation levels are currently at a lower limit of $0.154 and an upper limit of $0.159, with traders being overleveraged at these levels.
If the sentiment remains unchanged and the price rises to the level of $0.159, short positions worth nearly $319,510 will be liquidated. Conversely, if the sentiment changes and the price falls to the level of $0.154, long positions worth approximately $500,000 will be liquidated.
Current price momentum
As of the time of writing, TRX’s trading price is close to $0.158, with a slight increase of over 1.25% in the past 24 hours. At the same time, its trading volume has surged by 70%, indicating increased participation from traders and investors in the bullish price trend of TRX.
