The overall cryptocurrency market seems to be recovering. Amid this, TRX, the native token of the Tron blockchain, is poised for massive upside momentum. The reason for this positive outlook is its bullish price action and the rising interest of traders in the altcoin, as reported by the on-chain analytics firm CoinGlass.
TRX’s Bullish On-Chain Metrics
According to CoinGlass, TRX’s long/short ratio currently stands at 1.15, indicating strong bullish sentiment among traders. The data further reveals that 53.50% of top traders hold long positions, while 46.50% hold short positions.
Additionally, TRX’s rising open interest (OI) has increased by 15% in the past 24 hours and 7.9% in the past four hours. The rising OI hints at increasing participation from intraday traders, further supporting the bullish outlook.
Tron (TRX) Technical Analysis and Upcoming Level
According to expert technical analysis, TRX has confirmed a breakout from its bullish double-bottom price action pattern and has further breached a crucial trendline it had been facing since December 2024. Following this breakout, TRX sentiment has completely shifted from a downtrend to an uptrend.
Based on recent price action and historical momentum, if TRX sustains itself above the $0.24 level, it could soar by 30% to reach the $0.35 level in the coming days. However, the altcoin’s Relative Strength Index (RSI) currently stands at 55, indicating that TRX is still in a zone where it could rally significantly.
With bullish sentiment dominating both on-chain and technical indicators, TRX appears well-positioned for a significant upward move in the short term.
Current Price Momentum
TRX is currently trading near $0.259 and has experienced a price surge of over 4.15% in the past 24 hours. During the same period, its trading volume increased by 5% and appears to be gradually rising, indicating heightened participation from traders and investors compared to the previous day.
