Tron (TRX) defies market bears, interest jumps 15%
With this current bearish market sentiment, Tron (TRX) looks strong and poised for a significant rally in the coming days. In the year On October 4, 2024, when major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) struggled to gain momentum, TRX successfully secured a spark of momentum.
Tron (TRX) technical analysis and upcoming levels
Based on professional technical analysis, TRX looks bearish as it has successfully tested the inverted head and shoulders price action pattern level. During trading, when an asset breaks out of any price action pattern, it must retest the breakout level of the pattern for a successful rally, otherwise it is considered a weak breakout.
In this latest test, TRX has created a strong daily candle. Based on historical price performance, if the asset closes the daily candle above $0.1575, there is a possibility that TRX will rise significantly and reach a new all-time high in the coming days.
TRX Bullish On-Chain Metrics
TRX's positive outlook is further supported by chain metrics. According to on-chain analytics firm Coinglass, TRX's Long/Short ratio currently stands at 1.034, indicating strong bullish sentiment among traders. Additionally, its futures open interest jumped over 15% and continues to grow.
This increase in open interest, amid high price action, suggests that traders are choosing long positions over short ones.
TRX current price momentum
Currently, TRX is trading around $0.1572 and has experienced a price increase of over 2% in the last 24 hours. Trading volume rose 13 percent during the same period, indicating higher participation from investors and traders likely due to the bullish outlook.
According to coinmarketcap data, major cryptocurrencies such as BTC, ETH and SOL have seen price declines of 3.5%, 4.1% and 4.35% respectively.
