The TRON (TRX) coin is currently seeing increased buyer interest and is trading near the resistance level of $0.1300. This suggests that the coin's price is likely to move higher, indicating a bullish trend on the charts.

Technical indicators are pointing towards a potential breakout in the TRX coin, with analysts predicting a surge of over 5%. The recent price action of the coin has been volatile, with sharp swings and a subsequent correction of 24%.

Despite bearish market conditions, TRX managed to bounce back from the support level of $0.1100, near the 200-day EMA. The overall trend remains neutral, with buyers entering fresh long positions, hinting at a possible bullish trend ahead.

TRON (TRX) Price Forecast: Anticipated Breakout

According to TradingView data, TRON could break above the $0.1300 mark, leading to a potential uptrend and reaching the resistance level of $0.1450. The Relative Strength Index (RSI) suggests a positive trend, with a crossover indicating overbought conditions.

The trading volume has surged by over 27.70% to $447.94 million, reflecting increased investor interest. The favorable long/short ratio of 0.9701 supports the upward trend in TRX price.

Based on Fibonacci retracement levels, TRON has crossed the 38.3% zone and is approaching the 50% region. The coin's price is above the mid bollinger band, signaling lower price volatility.

Derivative Data Analysis

Derivative data from coinglass indicates a rise in long positions, with the open interest increasing by 8.46% to $67.51 million in the last 24 hours. Key support levels for TRON (TRX) are at $0.1170 and $0.110, while resistance is expected at $0.1300 and $0.1430.

Summary

In conclusion, TRON (TRX) is likely to experience a breakout above the $0.1300 level, with positive market sentiments supporting a potential 5-8% increase in the coin's price in the near future. It is important to note that the views expressed in this article are for informational purposes only and do not constitute financial advice.