Tron Crypto Outperforms Market! Analysis for August 22, 2024
Tron surpasses the cryptocurrency market and hits a new record. Let's Examine the Price Forecast for TRX in the Future.
The TRX logo features a blue and red background with a roaring blue bull and a red bear on either side. The power bar of every one is shown at the top.
Tron saw an uptrend following a low of $0.045, which was aided in part by the expansion of the cryptocurrency industry. Tron encountered bearish pressure at $0.145, which caused it to drop to $0.11.
The coin recovered at this point in value, carrying on with its upward trend to hit a high of $0.16. It is significant to remember that this occurred at a time when interest in cryptocurrencies was waning across the board. The reason for this comeback is the recent liquidity that DeFi on the Tron blockchain has attracted.
Tron's current price as of this writing is approximately $0.15. This cryptocurrency has a bullish short-term trend and a continuing positive medium- to long-term trend. The fact that the Bitcoin is above its 200-day and 50-day moving averages lends credence to these observations.
The continuous drop in the cryptocurrency, however, is crucial to note as it suggests that selling pressure was generated by the breakout of TRX's previous high. Therefore, purchasing support is advised to maintain the bullish trend that is seen in both Tron's oscillators and price.
A keen trader and investor in the cryptocurrency space, Elie FT, worked with us to do the current technical analysis. A trainer at Family Trading, a group of thousands of independent traders that has been operating since 2017, today. In a formal yet welcoming setting, you will find lives, educational materials, and mutual support related to the financial markets.
Even though it was recently reduced down, open interest in TRX/USDT perpetual futures has increased as a result of Tron's recent positive swings. When combined with an also rising CVD, this points to rising speculator interest, primarily in purchases.
It's interesting to note that this event happened following a time when these metrics indicated a reasonable level of interest together with negative funding rates. This could account for the substantial liquidations that were noted during Tron's most recent upswing.
The cryptocurrency bounced off the liquidation zone around $0.117, according to the three-month heatmap of TRX/USDT liquidations. Tron reached $0.16 as a result of the buying demand this generated. The prominent liquidation zones at the moment are primarily below the cryptocurrency's current price.
The range between $0.12 and $0.13 can be seen first, followed by the range between $0.11 and $0.116 further down. The probability of a period of higher volatility for the cryptocurrency increases as the price approaches these levels and might set off a big wave of orders. As a result, investors should pay close attention to these zones.
We might expect breaking through $0.166 if the Tron price stays above $0.145. If the bullish movement persists, $0.176 may be the next resistance to take into account. If it breaks that level, $0.184 can be noted. This would amount to an increase of around 23% at this time.
The price of Tron may drop back to $0.137 if it is unable to stay above $0.145. If the bearish trend holds, the next support level would be approximately $0.126. We can see the support at $0.117 farther down. This would indicate a roughly 22% decrease at this stage.
In summary
Despite the fact that the cryptocurrency market is losing steam, Tron has experienced a strong comeback thanks to the infusion of liquidity into DeFi on its blockchain. In the short, medium, and long terms, the trend is still positive, but the advent of selling pressure suggests that purchasing support is required to keep the momentum going.
In order to validate or refute the present theories, it will be imperative to closely monitor the price response at the various critical levels. In each case, it's crucial to be on the lookout for potential market "fake outs" and "squeezes."
Lastly, keep in mind that these assessments are only based on technical standards, and that other, more fundamental reasons may also have a significant impact on how quickly the price of cryptocurrencies changes.