Tron (TRX) Price Is Bullish, but There’s Catch

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What is happening

As a seasoned crypto investor with over a decade of experience under my belt, I must admit that the recent surge of Tron (TRX) has piqued my interest. Having witnessed the rise and fall of countless cryptocurrencies, I can’t help but feel a sense of cautious optimism when it comes to TRX. The fact that it managed to surpass Cardano (ADA) and enter the top 10 is no small feat.

Over the last seven days, Tron (TRX) marked a notable achievement as it climbed to the position of the tenth largest cryptocurrency on September 16, outranking Cardano (ADA).

As an analyst, I observed an upward shift in TRX‘s price yesterday, marking its first rise since October 2022, peaking at $0.153. Following this, a slight adjustment occurred, causing the price to dip slightly and now hover around $0.152.

As an analyst, I’m observing that TRX is finding it challenging to surpass the $0.152 resistance point at the moment. However, if it manages to do so, this could be a sign of more positive price action ahead.

Tron (TRX) Price Is Bullish, but There's Catch

Top three token in 2025?

Tron founder Justin Sun recently expressed a bullish outlook on TRX, predicting that it will soon rank among the top three digital currencies by market capitalization.

During an interview on Altcoin Daily, Sun emphasized that Tron’s swift advancement sets it apart and gives it an advantage in competition with established players like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).

Seven years ago, Sun’s optimism about Tron was largely based on ambition. Now, his confidence stems more from Tron’s actual development and promising potential. In his view, Tron’s position is strong enough to compete with leading cryptocurrencies in the coming period.

“I believe #Tron will become a top 3 cryptocurrency in the next 2 years” – Justin Sun

— Altcoin Daily (@AltcoinDailyio) September 16, 2024

TRX price prediction

Since August 25, the value of Tron has been gradually decreasing, creating a downward trend characterized by progressively lower peak prices and bottom prices, which is often referred to as a descending channel.

The quantity of ongoing future or options agreements that haven’t been settled yet, known as Open Interest (OI), has been decreasing since it reached a high of $191 million on August 21.

As a crypto investor, I’ve noticed that the average Open Interest (OI) for TRX over the past week stands at approximately $214 million. This figure could be hinting at a potential change in the market dynamics.

Tron (TRX) Price Is Bullish, but There's Catch

Improved market feelings might boost the demand for TRX, causing the price to surpass its current resistance levels. This could lead it towards revisiting its previous peak of around $0.17.

This would signal a reversal of the ongoing downtrend and could lead to renewed bullish momentum.

The Relative Strength Index (RSI), currently standing at 69.68, suggests it’s time to consider selling TRX, as its upcoming October price trend might be decided within the coming days.

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2024-09-21 16:24