TRON price is poised for a significant 150% breakout, but there is an important caveat to consider before getting too optimistic. While the potential gains are enticing, the TRX chart setup shows a sTRONg resistance that the price must first overcome before it can rally 150%. TRX price faces this huddle as American markets brace for the result of the U.S. presidential elections, which are taking place today.
TRON Price Faces a Make-or-Break Obstacle
TRX price has risen since November 2022, when it hit a low of $0.0422. The asset has risen by 260% in about two years. However, 2024 promises to be different, with the upcoming elections anticipated to be volatile, causing huge upswings in the crypto market.
Despite the excitement surrounding the elections, TRX price has decreased by 1.8% in the last 24 hours and is trading at $0.1613. The markets remain cautious as prediction markets wobble towards the final hours of the electioneering period.
TRON price trades within a bullish channel pattern and is near the mid-line. Historically, whenever TRX price reaches this level, it experiences buying or selling pressure, depending on the broader market conditions.
Based on recent price action, if TRON holds over the $0.1478 level, the asset could rally by 11% to reach $0.1874 in the coming days. This level also coincides with the previous all-time high, and a break above this could result in a 150% surge to $0.46.
On the other hand, if TRON fails to hold the $0.1478 support level, the asset could experience a 75% crash back to its two-year low.
Will TRON Soar Amid U.S Elections?
The U.S. elections are imminent and could create significant crypto market volatility. Bitcoin volatility is up, with a notable 2.2% increase in price.
If Trump wins, the expectation is a bullish market reaction for Bitcoin and altcoins, including TRON (TRX). Trump has been vocal about supporting crypto, which could lead to significant price increases. TRON price forecast suggests TRX could surge above $0.1874 shortly after the election.
On the other hand, a win for Kamala Harris could lead to panic selling in altcoins, with investors moving their funds into Bitcoin and Ethereum as safer options. Historical data indicates that after Harris’ potential victory, Bitcoin may initially rise, but altcoins could suffer a downturn before recovering. This could send TRON price plummeting before a correction takes place
On-Chain Metrics Hint Potential Correction for TRX Price
According to the on-chain analytics firm Coinglass, TRON’s Long/Short ratio currently stands at 1.13 indicating slightly higher participation from bulls than from bears over the past 24 hours.
Additionally, the TRON open interest (OI) has dropped by 13% over the past 24 hours. Combined with falling price, it indicates that traders’ are rushing to close their Longs in losses. When this happens, traders tend to open Shorts. Currently, 49.77% of top traders hold long positions, while 50.24% hold short positions.
This assessment is further replicate din the TRX liquidation map, in which there is $3.05 million Long versus $2.96 worth of cumulative Short Liquidation Leverage. This imbalance suggest that the market sentiment on TRX is neutral to slightly bearish as traders remains uncertain of the election outcome.
Frequently Asked Questions (FAQs)
Tron (TRX) is positioned for a potential 150% breakout based on bullish chart patterns and key support levels. However, it faces resistance and requires a break above $0.1874 to confirm the rally.
The election could bring increased volatility to the crypto market. If pro-crypto candidates win, TRX might see a bullish impact. However, a less favorable outcome for crypto could trigger short-term declines.
Breaking the $0.1874 level could lead TRX toward an all-time high, with the potential to reach $0.46 if market conditions stay favorable.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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