- At the time of publication, TRX was testing the major support level of $0.135.
- Analysts expected it to surge 100% to an all-time high of $0.27.
While Tron had some major positive developments to report, its native token TRX suffered a strong downtrend. TRX experienced a 3.74% gain on the weekly chart after a market rally last week.
Since forming a bullish flag earlier this month, the altcoin has seen significant upside.
With the recent development and popularity of the Tron Network, analysts are keeping an eye on a major breakthrough for TRX. For example, Whales Crypto Trading shared their analysis on X (formerly Twitter), stating:
“Tron is bouncing off the lower boundary of the weekly ascending channel. This bullish structure is expecting a 100-150% upside.”
According to analysts, the altcoin is expected to see a surge of over 100% and hit an all-time high if it breaks through the current resistance level and reaches $0.27.
Dominant emotion
According to AMBCrypto’s Market Prophit analysis, TRX was enjoying a positive market sentiment of 0.1127 at the time of writing. Meanwhile, the Buzz Score was 1.028.
Recent data shows market sentiment towards altcoins, with Token Terminal showing the Tron network outpacing Ethereum (ETH) and increasing adoption of Tron by stablecoins such as Tether (USDT).
What the price chart suggests
At the time of writing, TRX was trading at $0.1336 after a 1.56% drop on the daily chart. Likewise, the altcoin has seen a 32.1% drop in volume over the past 24 hours.
However, AMBCrypto’s analysis shows that recent gains have outweighed losses, and the market remains bullish as of this writing.
Chaikin Money Flow (CMF) was positive at 0.11 at the time of writing, indicating increased buying pressure. This shows that TRX is seeing increasing buying interest, and the price closed near its high.
Likewise, the Directional Movement Index (DMI) for the altcoin is showing a strong bullish trend at 23.9 at the time of writing, higher than the negative index of 17.9, indicating a continuation of the current trend.
Furthermore, according to AMBCrypto’s IntoTheBlock analysis, the market was getting favor from large holders. The net flow of these altcoin large holders was positive at 69.91 mtrx at the time of writing.
This shows that there is more inflow among whales. Inflows from large holders in the last 24 hours were 144.22mtrx while outflows were less than 74.3mTRX.
This suggests that whales are confident in the prospects of the altcoin.
Finally, data from Coinglass shows that long position liquidations have decreased over the past seven days.
Long liquidations decreased from $54,000 to $22,000, showing that long holders are willing to pay a premium to hold their positions.
Can TRX Rally?
If the current market situation continues, TRX is expected to show an upward trend.
Realistic or not, here is the TRX market cap in BTC terms.
Therefore, if the daily candlestick closes above $0.135 and recovers the monthly high of $0.139, TRX will break the yearly high of $0.145 and reach $0.155.
However, a decline from this level would see the altcoin fall to $0.128.