Amid the current bearish market sentiment, Tron (TRX) is performing strongly and is expected to see significant upside going forward. On October 4, 2024, TRX successfully confirmed its uptrend while major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) struggled to gain momentum.
Tron (TRX) technical analysis and future levels
According to expert technical analysis, TRX appears to be bullish as it has successfully retested the breakout level of the inverse head and shoulders price action pattern. In a trade, whenever an asset breaks out of a price action pattern, the breakout level of the pattern must be retested for a successful rally, otherwise it is considered a weak breakout.
Following a recent retest, TRX formed a strong bullish daily candle. Based on past price performance, if the asset closes the daily candle above the $0.1575 level, TRX will likely surge significantly and hit a new all-time high in the coming days.
TRX bullish on-chain indicator
TRX’s positive outlook is further supported by on-chain indicators. According to on-chain analytics firm Coinglass, TRX’s long/short ratio is currently at 1.034, indicating strong bullish sentiment among traders. Additionally, future open interest has increased by more than 15% and continues to increase.
An increase in open interest amid a bullish price action pattern suggests that traders are potentially favoring long positions over selling positions.
TRX Current Price Momentum
TRX is currently trading near $0.1572 and has experienced a price surge of over 2% in the last 24 hours. During the same period, trading volume surged 13%, which appears to have increased participation from investors and traders due to optimistic outlook.
Meanwhile, major cryptocurrencies such as BTC, ETH, and SOL experienced price declines of 3.5%, 4.1%, and 4.35%, respectively, according to CoinMarketCap data.