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Tron Price Eyes $0.53 Rally Amid 40% Surge in Trading Volume and Strong Support

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Highlights:

  • The price of Tron has hit $0.27, indicating an increase of about 120% in a year to date.
  • According to the Alphractal founder, Tron price is showing strength and institutional interest.
  • TRX derivatives data boast a positive outlook, which may trigger a rally to $0.53 soon.

Tron price has seen its price hit $0.27, indicating a rise of more than 120% in a year. Moreover, its daily trading volume has soared 40% in the past 24 hours, to $867M, signaling intense market activity. The crypto market also boasts a positive outlook, led by Bitcoin which has reclaimed the $107K mark. 

Tron (TRX) is performing consistently and filling up with risk, getting near its highest point ever. According to the founder of Alphractal, Joao Wedson, its Sharpe Ratio points to even risk and benefit, and the Normalized Risk Metric confirms that the asset is stable. Newness in the Seizure algorithm and stability in the Regmedia Measure point to investors being controlled, so Tron remains a reliable crypto asset in uncertain times.

Tron Price Outlook

Currently, the TRX price is inside a defined consolidation channel, which points to investors slowly purchasing during an accumulation phase. Often, trading ranges like this are followed by a powerful price surge, which suggests the market will rise. Well-respected technical levels are still below the price, with the 50-day moving average at $0.25 and the 200-day moving average at $0.23. The current support areas give the price a chance to continue rising, tilting the odds toward the bulls.

Tron shows an RSI value of around 63.86, meaning its buyers are interested. The RSI is telling us that buyers are in charge, and the market has not been pushed into overbought territory yet. 

Tron price
TRX/USD 1-day chart: TradingView

Also, the launch of the MACD in the positive territory suggests a positive outlook. However, the zoomed outlook shows that the momentum indicator has crossed below the signal line. This calls for caution among traders as this signals a possible sell signal. 

TRX Derivatives Market Shows Growing Interest and Bullish Bias

Tron’s derivatives market has become more active, as trading volume climbed by nearly 50% in the past day, up to $346 million. There is a total of $298 million in open interest, a 1.59% increase in the past 24 hours. It means traders are constantly buying and selling and also keeping their positions open because they are sure about the market’s path.

Source: CoinGlass

If you look at the long-to-short ratios across different exchanges, Tron looks bullish. There are 1.1079 more long positions than short positions in the market over 24 hours. Particularly on Binance, TRX/USDT has a long/short ratio of over 2.1, which means top traders expect the price of TRX to rise. Likewise, the ratio for OKX is above 1.4, once more showing that most traders believe the market is bullish. Increasing numbers of long positions suggest that market participants are anticipating more Tron price surges, which may soon spark a rally. 

Tron Poised for Potential Breakout with Strong Market Support

Tron price looks ready for further upside, fueled by positive technical indicators and more traders using derivatives. Moreover, the consolidation channel that is in place in the Tron market enables Tron bulls to gather strength. Meanwhile, if they surpass important resistance levels, it might cause a big price breakout. In such a case, Tron price could reclaim the $0.32 mark in the short term. Increased bullish grip could call for further upside towards $0.35, $0.43, and $0.53. 

On the other hand, in case of a selling pressure, bolstered by the sell signal from the MACD, the Tron price will drop. This will see TRX fall towards $0.25 and $0.23 support zones, before resuming a strong leg upwards. Since the Tron market displays a positive outlook, traders are recommended to stay aware of market changes to decide where to invest.

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