CandleFocus

Traders Alert! Tron (TRX) Set for 10% Price Surge, Here’s Why

Author: Content Editor
Tron (TRX) has broken out of a descending trendline and is expected to soar by 10% to the $0.167 level in the near future. The open interest for TRX has increased by 8% in the last 24 hours, indicating the accumulation of more long positions. Currently, 51.24% of TRX traders own long positions, while 48.7% hold short positions. Despite recent price drops, TRX has shown bullish signs in its price action and on-chain metrics. It has surpassed a strong resistance level and experienced a surge of over 16% without retesting. TRX is trading near $0.151 and has seen a price increase of over 3% in the last 24 hours. However, trading volume has declined by 17%, possibly due to market volatility and bearish sentiment. Technical analysis suggests that TRX appears to be bullish and is trading above the 200 EMA in a four-time frame. A doji candle at the support level and the 200 EMA further support the bullish outlook. TRX currently faces a small resistance level at $0.152, and if it manages to close above this level, it could potentially rise by 10% to $0.167. The CoinGlass TRX Long/Short ratio also signals a bullish sentiment, with a value of 1.0509. Additionally, the open interest for TRX has increased by 8%, indicating more long positions being established. These factors combined suggest a strong buying opportunity and are often considered by traders when building long/short positions.

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