As a seasoned researcher with years of experience navigating the cryptocurrency market, I must say that TRON’s price trajectory is indeed intriguing, but it’s crucial to approach it with caution. The potential for a 150% breakout is undeniably enticing, yet the resistance level at $0.1478 looms large and must be overcome first.
The price of TRON appears ready for a substantial surge by around 150%, but it’s essential to bear in mind a crucial detail before becoming overly enthusiastic. Although the prospective profits look appealing, the TRX chart demonstrates a considerable resistance level that needs to be surmounted before the price can jump 150%. The TRX price encounters this obstacle amidst the anticipation of the U.S. presidential election results, which are unfolding today in American markets.
TRON Price Faces a Make-or-Break Obstacle
Since hitting a low of $0.0422 in November 2022, TRX’s price has surged by an impressive 260% over approximately two years. But, the year 2024 may take a different turn as elections are expected to bring volatility, potentially leading to significant fluctuations in the cryptocurrency market.
Regardless of the buzz around the elections, TRX’s price dropped by 1.8% within the past 24 hours, currently standing at $0.1613. There’s a sense of uncertainty in the markets as prediction markets sway in the final stages before the end of the election campaign.
As an analyst, I’m observing that the TRON (TRX) price is moving within a bullish channel pattern, currently hovering close to the middle line. In the past, when the TRX price has approached this level, it has often encountered either buying or selling pressure, contingent upon the prevailing broader market conditions.
If TRON maintains its current position above $0.1478, it might increase by approximately 11% to hit $0.1874 soon. Interestingly, this level aligns with the previous peak in value, and a jump beyond this point could potentially lead to a remarkable rise of around 150%, propelling the price up to $0.46.
Conversely, should TRON not manage to maintain its support at $0.1478, there’s a possibility of a 75% plunge, taking it down to its lowest point in two years.
Will TRON Soar Amid U.S Elections?
With the upcoming U.S. elections fast approaching, there’s a strong possibility they may cause considerable fluctuations in the cryptocurrency market. Notably, the value of Bitcoin has risen by 2.2%, indicating an uptick in its volatility.
As a researcher, I’m observing that if Donald Trump secures another term in office, there’s a strong anticipation of a positive market response for Bitcoin and altcoins like TRON (TRX). Trump has been quite outspoken about his interest in cryptocurrencies, which could potentially drive significant price growth. Predictions indicate that TRON’s price could spike beyond $0.1874 immediately post-election.
Conversely, if Kamala Harris wins, it might trigger a wave of selling in altcoins as investors shift their resources towards Bitcoin and Ethereum for security reasons. Historically, such an event may cause Bitcoin to temporarily increase, while altcoins experience a decline before they rebound. This situation could potentially lead TRON’s price to drop dramatically before adjusting itself.
On-Chain Metrics Hint Potential Correction for TRX Price
Based on data from Coinglass, a company that analyzes blockchain transactions, the Long/Short ratio for TRON is 1.13 as of now. This suggests that there’s been slightly more buying activity (bulls) than selling activity (bears) over the past day.
Over the last day, the open interest for TRON has decreased by 13%. This decrease, along with a falling price, suggests that many traders are liquidating their Long positions due to losses. Typically, when traders close their Longs, they might decide to open Short positions. As of now, approximately half of the top traders (49.77%) hold long positions, while a slightly higher percentage (50.24%) have opted for short positions.
In the TRX liquidation chart, we see a significant discrepancy with $3.05 million in Long positions against approximately $2.96 million in Short Liquidation Leverage. This disparity hints at a neutral to slightly bearish market sentiment towards TRX, as traders appear uncertain about the election results and are hesitant to make strong bullish moves.
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2024-11-05 18:56