TRON Price Forecast: Why a 10% Rally for the Altcoin is Anticipated

TRON [TRX] has shown a positive trend recently, gaining traction despite Bitcoin's challenges to maintain levels above $108k. This strength indicates a potential bullish shift for TRX moving forward.

Key Takeaways

TRON [TRX] has exhibited upward movement over recent days, even as Bitcoin struggles to rebound.
On the daily chart, TRX is nearing a potential bullish structure.
A close above $0.298 could indicate a significant positive change.
Shorter timeframes present strong buying signals for TRX.
Key resistance levels exist at $0.3 and $0.328, which are critical for upward momentum.

TRX 1-day Chart Source: TRX/USDT on TradingView

TRON price prediction - Here's why a 10% rally is likely for the altcoin

Daily Chart Analysis

In examining the daily chart, TRON appears poised to shift toward a bullish trend. Since the last week of August, TRX has formed lower highs and lower lows. Key swing points are identified at $0.276 and $0.298, with the current trading price at $0.299, indicating a position above the latest low of the downtrend. If TRX closes a daily session above $0.298, it could signal a notable bullish shift.

Attempts to achieve this shift faced challenges on Tuesday, as the price only briefly exceeded $0.298 during the trading day. However, there is optimism that a shift may be forthcoming on Wednesday.

The On-Balance Volume (OBV) has also been rising over recent days. Still, it has not yet exceeded the lower highs established during the previous month’s downtrend. The Relative Strength Index (RSI) on the daily chart indicates that bullish momentum is nearing but has not yet been established.

Shorter Timeframes Indicate Bullish Signals

TRX 1-hour Chart Source: TRX/USDT on TradingView

The 1-hour chart tells a different story, showing indicators like OBV and RSI suggesting strong buying momentum over the last week. A clear uptrend is visible, particularly with a retest of the $0.29 level, which previously served as resistance and is now acting as support.

The latest dip to $0.296 represents a potential buying opportunity. It's important to note that the $0.3 level has been a significant resistance point in recent days and needs to be surpassed with substantial trading volume. A fall below $0.296 would complicate the bullish outlook.

TRX Liquidation Heatmap Source: CoinGlass

Lastly, the liquidation heatmap displays key liquidity areas to watch, specifically at $0.303 and $0.328. A bounce back to these levels for TRX seems highly likely in the near term, possibly leading to a price target of $0.328.

Disclaimer: The information shared here does not serve as financial, investment, or trading advice and reflects the writer’s personal opinion.