Despite the overall positive sentiment in the market during the latter part of September, TRON [TRX] experienced a decline. Nevertheless, this temporary lack of bullishness does not reflect weakness in the buyers’ position.
TRX has exhibited strong performance in recent months. While Bitcoin [BTC] and other altcoins have seen declines since April and May, TRX has managed to surpass previous highs.
Breakout and Consolidation for TRON (TRX)
In mid-August, TRON’s prices broke out of a local range, surging 22% higher than previous highs. Since then, the price retraced to the 38.2% level at $0.15 and consolidated around this range.
On the daily chart, the RSI remained bullish over the past month, and the OBV did not drop below May’s highs. This indicates that there was not enough selling pressure to suggest a downtrend.
With TRX consolidating above $0.144, the levels from February, long-term holders were encouraged by the stable price action and reduced selling pressure, hinting at potential significant gains in the future.
The Fibonacci extension targets at $0.2 and $0.223 represent the next bullish objectives. For swing traders, a potential buy zone could be around $0.128-$0.137 in the upcoming weeks.
October Price Projections
Looking at the liquidation heatmap, key support and resistance levels are identified at $0.152 and $0.158. These levels are likely to serve as points for bullish and bearish reversals in the near future.
Specifically, there is a concentration of liquidation levels near $0.16 that could attract price action before a short-term momentum shift.
Disclaimer: This analysis does not provide financial, investment, or trading advice. It represents the writer’s personal opinion.