- TRX was testing a key support level of $0.135 at press time.
Analysts eyed a year high with 100% surge to record $0.27.
As a seasoned analyst with over two decades of experience in the crypto market, I’ve seen my fair share of bull and bear runs. The current situation with TRX seems promising, but it’s not without its challenges.
Despite making significant advancements, Tron’s native token, TRX, has faced challenges during a robust bear market. Over the last few weeks, however, there’s been a market rebound that pushed TRX up by approximately 3.74% according to weekly charts.
After forming a bullish flag earlier this month, the altcoin has made considerable gains upward.
There’s been a surge in advancements and recognition for the Tron Network lately, leading many financial analysts to predict a significant jump in value for TRX tokens. For example, the crypto trader Whales Crypto recently expressed this viewpoint on his social media platform (previously Twitter), highlighting that…
“In terms of its weekly chart, Tron has rebounded from the bottom line of an uptrending channel, suggesting a potential bullish trend. This pattern could lead to a price increase ranging between 100% and 150%.”
Based on expert predictions, the value of this altcoin is expected to surge past its all-time high by more than doubling if it successfully breaks free from its current barrier at approximately $0.27.
Prevailing sentiment
At the moment of reporting, based on an analysis by AMBCrypto and Market Prophit, Tron (TRX) was experiencing a favorable market opinion of 0.1127. Concurrently, the excitement level was recorded as 1.028.
The market favorability of the altcoin arises from recent data, wherein Token Terminal showed that the Tron Network overtook Ethereum [ETH], alongside and the increased adoption of Tron by stablecoins such as Tether [USDT].
What price charts suggest
Right now, I’m seeing Tron (TRX) being traded at around $0.1336, marking a 1.56% drop in its value today. Additionally, the trading volume for TRX has decreased by a significant 32.1% over the last 24 hours.
As a researcher, I’ve found that the positive momentum currently overshadows any losses, with the market maintaining an overall optimistic stance at this moment in time.
As a crypto investor, I’m seeing some positive signs for Tron (TRX) right now. The Chaikin Money Flow (CMF) is sitting at 0.11, indicating a surge in buying pressure. This means that more people are buying TRX than selling it, which is great news. In fact, the prices are closing near their daily highs, suggesting that Tron is enjoying increased interest from buyers.
Similarly, the Altcoin’s Directional Movement Index (DMI) demonstrated a robust increase, currently standing at 23.9, significantly higher than the -17.9 of the negative index. This suggests that the ongoing trend is being reinforced.
Upon closer examination, it appears that the market has been benefiting from the support of major investors according to AMBCrypto’s analysis of IntoTheBlock. At the moment of publication, the net flow of this altcoin’s large holders stood at a positive 69.91 million units.
Over the last 24 hours, there’s been a higher rate of whale deposits (144.22 mtrx), compared to withdrawals which were less than 74.3 million TRX.
This suggested that whales were confident with the prospects of the altcoin.
To summarize, it appears that the number of long positions being closed down has decreased significantly over the last week, according to information provided by Coinglass.
The reduction in long position liquidation from $54,000 to $22,000 indicates that long position holders were prepared to pay higher prices to maintain their positions, implying a strong desire to keep these assets.
Can TRX rally?
If the current market conditions hold, TRX is positioned for an upward movement.
Realistic or not, here’s TRX market cap in BTC’s terms
If the daily candlestick finishes above $0.135 and regains the monthly peak at $0.139, it’s likely that TRX could exceed its yearly high of $0.145, potentially reaching $0.155.
However, a pullback at this level will cause the altcoin to decline to $0.128.
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2024-08-18 19:36