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- 1 TRON (TRX) coin trades close to the neckline hurdle of $0.1300.
- 2 Buyers have started accumulating and looking to register a breakout.
The TRON (TRX) coin directs buyer accumulation and trades close to the prompt hurdle of $0.1300. The coin price is poised for an up move and is looking bullish on the charts.
Moreover, the technical indicators are suggesting that the TRX coin is all set to register a breakout and might deliver a surge over 5% as per the analysts opinion.
Recently, the coin has delivered roller coaster swings and rejected from the top mark of $0.1450. Afterward, a sharp correction of over 24% was witnessed.
Amidst the market bearish sentiments, the coin managed the gains and reverted from the bottom mark of $0.1100, close to the 200 day EMA mark.
TRON (TRX) Price Action: Sharp Breakout On The Cards
Per TradingView data, TRON could breach the upside mark of $0.1300. If this happens, the coin may reflect an uptrend and will reach the upside of $0.1450 shortly.
The Momentum Indicator (Relative Strength Index), highlights the positive crossover and the curve spiked to the overbought zone.
Source: TradingView
The overall trend is neutral and buyers are actively participating and started making fresh long positions, which might result in a bullish trend ahead
Volume Profile Outlook
Source: Messari
The intraday trading volume increased over 27.70% to $447.94 Million and is displaying a significant spike in investor interest. Moreover, the long/short ratio was noted at 0.9701, favoring the uptrend.
Per the Fibonacci retracement levels, the TRON price crossed the 38.3% zone and is close to the 50% region.
Source: Messari
Derivative Data Outlook
Source: coinglass
Per the data from the coinglass, the derivative data signifies fresh long buildup and the open interest spiked over 8.46% to $67.51 Million in the last 24 hrs.
The immediate support levels for the TRON (TRX) is $0.1170 and $0.110 whereas the key upside hurdle is around $0.1300 followed by $0.1430.
Conclusion
The TRON (TRX) price might register a breakout above the neckline of $0.1300 and is hovering close to it. Moreover, the sentiments are favoring the upside and the coin might deliver a 5-8% up move in the upcoming sessions.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.