Tron (TRX) Price Is Bullish, but There's Catch
09/21/2024 20:18
All eyes on TRX this weekend
What is happening
This past week, Tron (TRX) achieved a significant milestone by becoming the 10th-largest cryptocurrency on Sept. 16, surpassing Cardano (ADA).
TRX saw its first price increase since October 2022, reaching a new high of $0.153 on Friday. However, a minor correction ensued, bringing the price just below $0.152.
Related
Currently, TRX is struggling to break through the $0.152 resistance level, but a successful move past this barrier could signal further upward momentum.
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.
In an interview with Altcoin Daily, Sun pointed to Tron’s rapid development as a key driver of its competitive edge against market leaders Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).
Related
Sun highlighted that, compared to seven years ago, his current optimism is grounded more in Tron’s evolution and realistic prospects rather than mere ambition. He believes the protocol is well-positioned to challenge the top cryptocurrencies in the near future.
TRX price prediction
Tron's price has been in decline since Aug. 25, forming a descending channel marked by lower highs and lower lows.
Open Interest (OI), which reflects the number of unsettled futures or options contracts, has also been trending downward after peaking at $191 million on Aug. 21.
However, the current seven-day average for TRX's OI is at $214 million, suggesting a possible shift.
If market sentiment improves and demand for TRX increases, the price could break through resistance, potentially targeting its recent high of $0.17.
This would signal a reversal of the ongoing downtrend and could lead to renewed bullish momentum.
The relative strength index (RSI) is at 69.68 and signals "Sell." The future of the TRX price for October is likely to be defined in the next several days.
About the author
Dan Burgin
Dan is a news editor and writer with 12 years of experience in finance and emerging technologies, with a strong focus on crypto. Covering a broad spectrum of topics, from fintech startups to AI, he provides an in-depth overview of the current state of the crypto market, along with insights into its potential for future disruption.
Related articles
Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox