TRX Price Prediction: Is Tron (TRX) Ready to Skyrocket 10%?

Bittime - After experiencing a significant decline of more than 12% in the last few days, Tron (TRX) is now showing signs of strong recovery. 

This cryptocurrency recently managed to break through a significant resistance level at $0.145, and currently its price has surged more than 16% from that point without experiencing a retest. 

With these changes, many analysts and traders are starting to predict the potential for further upside for TRX.

Tron (TRX) Sees Recovery After Drop

TRX's price decline in recent days has attracted the attention of traders, but the latest price movement shows a positive signal. Currently, TRX is trading around the $0.151 level, experiencing a price surge of more than 3% in the last 24 hours. 

Although trading volume decreased by 17% during the same period, this may be due to high market volatility and dominant bearish sentiment. 

However, this decrease in trading volume is not always a negative indication. Sometimes, these dips can reflect market consolidation before the next big move. In this case, technical indicators suggest that TRX could be poised for a significant price surge.

Bullish Signs for TRX

From a technical perspective, TRX is showing strong bullish signs. This cryptocurrency is currently trading above the 200 Exponential Moving Average (EMA) on a four-hour time frame. 

This position above the EMA generally indicates a sustainable uptrend. Additionally, the formation of a doji candle at an important support level also provides an additional signal that TRX may experience further price increases. Doji candles indicate uncertainty in the market, but in the current context, they could be a sign that bullish sentiment is developing.

Potential TRX Price Increase

TRX is now facing a minor resistance level around $0.152. Based on historical price momentum and current technical patterns, if TRX can close a candle above this resistance level, there is a high probability that the price could surge up to 10% towards the $0.167 level. 

This resistance is an important point because if it is successfully broken, TRX may find enough support to push the price higher.

This prediction is based on historical analysis and frequently occurring price movement patterns. If TRX can maintain momentum and pass this resistance level, traders and investors may see substantial upside.

On-Chain Data Supporting Tron (TRX)

On-chain data also provides additional support to this bullish sentiment. According to CoinGlass, TRX's Long/Short ratio currently stands at 1.0509, indicating a dominant bullish sentiment in the market. 

Around 51.24% of traders hold long positions, while 48.7% hold short positions. An 8% increase in TRX open interest in the last 24 hours indicates a significant addition of long positions.

With a combination of technical indicators and positive on-chain data, TRX appears to have the potential to experience further price increases. 

Traders are advised to monitor TRX price movements closely in the next few days to take advantage of this bullish opportunity. 

If TRX is able to maintain and strengthen its current momentum, a potential 10% price increase is not impossible.

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