Tron’s (TRX) price will likely note a boost in the coming days from the broader market cues and investors’ bullishness.
The question is whether TRX will manage to see the rally through or if it will halt halfway.
Tron Investors See Potential
Tron’s price trading at $0.118 observes several bullish cues, primarily from investors. This is evident in the Funding rate of the asset. The funding rate in crypto refers to a fee paid between traders to balance the market.
Positive funding rates hint at the traders making bullish bets, i.e., a rise in the long contracts, while negative funding rates show traders favor a decline. In the last 24 hours, the TRX funding rate shot up, considerably suggesting Tron enthusiasts are pushing for a rally.
This rise in price could occur since the technical analysis indicators are signaling a high potential for a rise.
Read More: How To Buy TRON (TRX) and Everything You Need To Know
The Moving Average Convergence Divergence (MACD) indicator, albeit negative, is close to noting a bullish resurgence. The receding red bars on the indicator hint in the same direction.
A bullish outcome would suggest a price increase since MACD is a momentum indicator that signals potential buying and selling opportunities.
Secondly, the Average Directional Index (ADX) also notes a loss of strength in the active trend. This indicator suggests whether the active trend is becoming stronger or weaker based on its position above the threshold of 25.0.
In the case of TRX, the indicator is observing a downtick, heading closer to the threshold, which suggests that the active downtrend will lose its strength soon.
This means that Tron’s price could register an uptick soon.
TRX Price Prediction: Watch out for This Level
Tron’s price trading at $0.118 failed to close above the $0.121 resistance level for the second time this month. The cryptocurrency will likely bounce back from the $0.116 support level that has remained unbroken for the past two weeks.
Breaching the $0.121 resistance will increase the altcoin to $0.125. This could occur in the coming days based on the broader market cues and investors’ bullishness.
Read More: 7 Best Tron Wallets for Storing TRX Tokens
However, Breaching $0.121 has been difficult for Tron’s price. A failure to do the same for a third time will likely push TRX below $0.116. This would invalidate the bullish outcome, sending the altcoin to $0.112.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Read the full article here
