Connect with us
Active Currencies 14907
Market Cap $2,450,656,596,108.40
Bitcoin Share 51.24%
24h Market Cap Change $-1.59

Tron: Bulls are primed to break through

2min Read

In mid-October, TRX retraced its late September rally and almost retested the 78.6% Fibonacci retracement level. Since then, the token has trended steadily higher.

TRON is back at early October high, and the bulls are primed to break through

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • Tron saw its H4 market structure flip bearishly.
  • This might not presage much more than a minor dip before the bulls seize control again.

Tron [TRX] saw its Total Value Locked (TVL) rise to $7 billion, and the network appeared to be robust. Investor confidence was also growing as the coin trended higher in the second half of October.


Read Tron’s [TRX] Price Prediction 2023-24


A previous price analysis by AMBCrypto noted a bearish divergence and suggested that a retracement to the $0.0869 mark could occur. While we did see a minor dip, it was not as deep as expected. This reflected intense bullish sentiment in the market.

Tron is at a local resistance, but the HTF uptrend is many months old

TRON is back at early October high, and the bulls are primed to break through

Source: TRX/USDT on TradingView

In mid-October, TRX retraced its late September rally and almost retested the 78.6% Fibonacci retracement level. This level was at $0.0845 and TRX approached it in mid-October. Since then, the bulls were able to drive a strong uptrend and broke past the local resistance at $0.0883.

At press time, TRX was trading at $0.0911. The Fib extension levels pointed to the $0.093 and $0.0962 levels as the 23.6% and 61.8% extension levels where bulls can look to take profits.

Additionally, the $0.0944 level marked the high during the TRX rally in June and July that began at $0.0645.

The RSI on the H4 chart was back near neutral 50. The market structure favored the bulls, but the recent higher low’s breach at $0.0905 meant the structure has shifted.

Yet the DMI signaled a strong uptrend was still in progress with the ADX (yellow) and +DI (green) above the 20 mark.

Should traders beware of a southward liquidity hunt to wipe out short positions?

TRON is back at early October high, and the bulls are primed to break through

Source: Hyblock


How much are 1,10,100 TRXs worth today?


The Cumulative Liq Levels Delta stood at +$15.89 million. To the south, the $0.089 level had close to a million dollars worth of short liquidations, with more at the $0.0088 level. The long position liquidations were not as big.

Therefore, it was possible that TRX would see a short-term retracement lower to hunt these liquidation levels. Traders could wait for a dip and a shift in the lower timeframe market structure before going long.

Share

Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.