TRON price prediction – Here’s why a 10% rally is likely for the altcoin
The liquidation heatmap showed that $0.303 and $0.328 were the nearby liquidity clusters to keep an eye on.
Key Takeaways
Why is TRON interesting to traders?
While many of the popular altcoins presented volatility and a lack of a clear trend, TRX formed a bullish trend as it attempted to rally past $0.3.
What are the threats facing TRX bulls?
The $0.303 and $0.328 levels are important resistances. Sustained buying pressure is necessary to establish an uptrend.
TRON [TRX] has trended higher over the past few days, even as Bitcoin [BTC] tried and failed to move back above $108k. This relative strength for TRX has been noteworthy.
On the 1-day chart, TRON appeared to be on the verge of shifting its structure bullishly. According to the attached price chart, it has formed a series of lower highs and lower lows on the daily timeframe since the final week of August.
The closest swing points of note were highlighted in white, at $0.276 and $0.298. At the time of writing, TRX was trading at $0.299, above the downtrend’s most recent low. A daily session close above $0.298 would be a bullish shift.
The bulls’ effort to materialize this shift did not come to fruition on Tuesday, as only the day’s candlewick went past $0.298. On Wednesday, such a shift would likely occur.
The OBV has been climbing higher in recent days too. However, unlike the price, it has not pushed beyond the lower highs of the previous month’s downtrend. The RSI on the daily timeframe also signaled that bullish momentum was not established. However, it was close.
Lower timeframes show bullish signals for TRX
The 1-hour chart seemed to be much different from the daily timeframe. Its OBV and RSI signaled heavy buying pressure over the past week and strong bullish momentum. The uptrend was also clearly visible, with a retest of the $0.29-level as support after it served as a local resistance.
The recent price dip to $0.296 presented a buying opportunity. Here, it’s worth noting that the $0.3-area has been a key resistance over the past week, and needs to be breached on high trading volume. A drop below $0.296 would invalidate the bullish idea.
Finally, the liquidation heatmap showed that $0.303 and $0.328 levels were the nearby liquidity clusters to keep an eye on. A TRX bounce to these levels may be highly likely in the short term. TRON prices will likely move to $0.328 in the coming days.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
