TRON (TRX) has recently captured the attention of traders by demonstrating remarkable resilience and an emerging bullish trend, even as major cryptocurrencies like Bitcoin faced struggles. This relative strength has positioned TRX as a noteworthy asset, hinting at a potential upside movement in the near future.
Daily Chart Outlook: Awaiting Confirmation
On the daily timeframe, TRON appears to be at a critical juncture, attempting to reverse a multi-month downtrend characterized by lower highs and lower lows since late August. A decisive daily close above the $0.298 mark would signal a significant bullish shift in its market structure, a move that nearly materialized earlier in the week. While the On-Balance Volume (OBV) shows a recent climb, it has yet to surmount previous downtrend highs, and the Relative Strength Index (RSI) is still building momentum. This suggests that while a bullish turn is imminent, confirmation on the daily chart is still pending.
Short-Term Momentum and Critical Levels
A deeper dive into shorter timeframes, such as the 1-hour chart, paints a more immediate bullish picture for TRX. Here, robust buying pressure and strong bullish momentum are clearly evident through the OBV and RSI, forming a distinct uptrend. The price has successfully retested the $0.29 level as support after breaking past it, with recent dips to $0.296 potentially offering new buying opportunities. However, bulls must decisively breach the key resistance zone around $0.3, particularly the liquidity clusters at $0.303 and $0.328, to sustain this upward trajectory. A failure to hold above $0.296 would invalidate the immediate bullish outlook, but current indicators suggest a strong likelihood of TRON reaching the $0.328 level in the short term.
