Tron (TRX) Price Surges Despite Ongoing Market Uncertainty, Targeting $0.255

Despite ongoing market uncertainty, Tron (TRX) is making waves in the cryptocurrency market with its impressive price surge.

Despite the market uncertainty, Tron (TRX) is making headlines in the cryptocurrency market with its impressive price surge. However, this surge comes at a time when major assets like Bitcoin (BTC), Ethereum (ETH), and others are experiencing a notable price decline.

Current Price Momentum

TRX is currently being sold for $0.235 and has seen a 2.56% uptick in the past 24 hours, showcasing resilience against the broader market trend. Nevertheless, during the same period, its trading volume decreased by 42%, suggesting that investors and traders might be pulling back.

TRX Technical Analysis and Upcoming Levels

With this upside momentum, there's a shift in TRX's technical analysis. According to CoinPedia’s analysis, TRX has recently broke out from a bullish flag and pole price action pattern.

This breakout is highlighting the uptrend as TRX is taking a retracement from Fibonacci’s 38.2% level, indicating a strong trend and momentum.

Based on recent price action and historical patterns, if TRX manages to stay above $0.234, there's a possibility that the asset could surge by 12% to reach the $0.255 level in the coming days.

However, this level forms the upper boundary of the consolidation zone within which TRX has been moving on a higher time frame. If the asset hits this level and manages to close a daily candle above $0.255, then it could see a price jump of over 20%.

Tron’s (TRX) Over-Leveraged Levels

At press time, traders are over-leveraged at the $0.226 level, with $4.30 million worth of long positions. Also, $0.24 is another over-leveraged level.

Given the current market sentiment, it seems that traders are bullish, and the price may soon surge, which explains the $4.30 million worth of long positions at the $0.226 level.