- The performance of TRON in September was inferior when measured against BTC
- The longer-term perspective remained strongly bullish, signaling potential for significant gains
During the latter part of September, TRON [TRX] struggled to align with the overall positive market sentiment. Nevertheless, this short-term weakness does not reflect a lack of strength among buyers.
In recent months, TRX has demonstrated a notably bullish trend. While Bitcoin [BTC] and the broader altcoin market experienced downturns since April and May, TRX has successfully exceeded those prior highs.
TRON (TRX) Range Breakout and Consolidation
Source: TRX/USDT on TradingView
In mid-August, TRON’s prices surged through a local range, climbing 22% above previous highs at that time. Since then, it has retraced to the 38.2% Fibonacci retracement level at $0.15 and has been consolidating in this area.
The RSI on the daily chart has remained bullish over the past month, and the OBV has stayed above the highs seen in May, indicating that selling pressure isn’t strong enough to signal an impending downtrend.
The ongoing consolidation of TRX above $0.144, which was a peak back in February, is a promising sign for long-term holders. The stable price behavior alongside diminished selling pressure suggests substantial future gains.
Key long-term bullish targets include the Fibonacci extension level at $0.2 and the 100% extension at $0.223. Swing traders may consider entering positions if prices drop to the $0.128-$0.137 range in the following weeks.
October Price Targets
The liquidation heatmap indicates that price levels at $0.152 and $0.158 are currently significant zones. These are anticipated to be points of bullish or bearish reversals in the near term.
Read TRON’s [TRX] Price Prediction 2024-25
Specifically, the group of liquidation levels clustered around the $0.16 mark may draw prices towards it before a potential short-term momentum reversal occurs.
Disclaimer: The information presented does not constitute financial, investment, trading, or any other form of advice and is solely the opinion of the writer
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