Tron (#TRX) has continued a steady upward trend in recent weeks, with strengthening technicals resonating with increased investor confidence. Currently, TRX's price is stable above key resistance levels, combined with healthy technical indicators and market sentiment, laying the foundation for further increases. If the bullish momentum continues, the market may even welcome further breakthroughs.
Breakthrough at the $0.30 level: The upward trend is based on solid foundations.
As of the publication date, TRX
is priced at $0.3401, firmly standing above the critical support level of $0.30, with a healthy trend evident technically. From core indicators, the current Mayer multiple is
1.28 (this indicator reflects the price premium relative to the 250-day moving average), meaning TRX's price is 28% above the 250-day average, far from the overbought threshold of 2.0.
This indicates that the upward trend is not driven by speculative trading but has sustainability.
This solid technical foundation reserves space for TRX's subsequent steady growth, avoiding the risk of rapid pullbacks caused by excessive speculation.
Accumulation phase breakthrough opens up upward space: Targeting $0.45?
Previously, TRX experienced several months of consolidation in the $0.20-$0.30 range, recently breaking through the $0.30 resistance level, opening up new space for the price. According to technical calculations, if the upward trend continues, TRX is expected to rise 32% to a target of $0.45.
Technical indicators also support this expectation: the Relative Strength Index (RSI) is currently close to 68, showing strong buying interest without entering the extreme overbought range (typically, an RSI above 70 is considered overbought).
This state indicates that buyers still hold the initiative, and the trend after the breakout could become a 'catalyst' for further increases.
Balanced sentiment in the derivatives market: Cautious optimism supports the continuation of the upward trend.
Santiment data shows that TRX's financing rate has remained at a slightly positive value of 0.01% in recent days, reflecting that leveraged traders are generally bullish, but sentiment is not excessively aggressive. This stability stands in sharp contrast to the financing rate spikes often seen in 'overheated rebounds,' indicating a rational optimistic attitude towards TRX's upward movement without excessive leverage expansion.
The game between bulls and bears is relatively balanced, avoiding position liquidations caused by excessive bullishness, while also providing moderate support for the upward trend, which helps sustain the current rebound.
Rising social attention: Increased retail participation adds momentum.
TRX's social dominance has recently surged to 1.10%, indicating a significant increase in its discussion intensity within the crypto community and a continuous rise in market visibility. This change typically suggests that more retail investors are starting to pay attention to TRX, potentially bringing incremental liquidity and boosting short-term momentum.
However, social heat needs to align with technical and on-chain indicators to support a sustained upward trend. For TRX, the current increase in social attention corresponds with healthy technical conditions; if positive sentiment continues, it is expected to reinforce the bullish narrative.
Slightly higher short positions: Could potential 'short squeezes' become upward momentum?
Currently, the TRX long-short ratio is 0.90, with short positions accounting for 52.47%, slightly higher than the long positions at 47.53%. This slight bearish tendency may stem from some traders' skepticism about the sustainability of the breakout or from tactical layouts driven by hedging needs.
However, it should be noted that if TRX maintains its upward momentum, shorts may be forced to close positions due to losses (i.e., 'short squeeze'), which could actually add strength to price increases. Therefore, closely tracking changes in the long-short ratio is key to predicting short-term volatility or trend continuation.
Will the future upward trend continue?
Supported by a robust Mayer multiple, balanced derivatives sentiment, and rising social attention, TRX's breakthrough is not short-term speculation but rather based on stable momentum. Although the current short position ratio is slightly higher, sustained upward pressure could trigger short covering, further driving up the price.
If technical indicators and market sentiment remain aligned, TRX is expected to steadily move towards the $0.45 target while maintaining stability. For investors, it is crucial to focus on the firmness of the $0.30 support level and the continuity of bullish momentum to seize potential opportunities.
