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TRON has experienced a significant surge, climbing to $0.18, marking a 7% increase that reignites hopes of reclaiming its 2018 highs.
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This bullish momentum sets a positive tone for the week, with trading volumes indicative of rising investor interest.
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According to COINOTAG, “TRON’s recent breakout is supported by technical indicators that hint at further gains.”
TRON spikes to $0.18 with a 7% increase, reviving interest in its 2018 price high amid a surge in trading volume and bullish market sentiment.
TRON Soars to $0.18 as Trading Volume Surges
TRON [TRX] has witnessed a remarkable recovery, recently trading at $0.1778—a 7% increase within a 24-hour period. This surge has sparked enthusiasm within the cryptocurrency community, as the token mirrors broader market gains.
Over the past day, TRON’s trading volume has seen a significant uptick, soaring by 121% to reach $1.62 billion. This surge in activity has boosted TRON’s market capitalization to $15.35 billion, reflecting a 7.58% increase.
Technical Indicators Point to Continued Strength
The current bullish price movement is further supported by technical indicators. On the 4-hour chart, TRON broke above the $0.1700 level, establishing a new support zone. Analysts suggest that this level may act as a foundation for pushing towards the psychological resistance at $0.20.
Observing the Bollinger Bands, the upper band is indicating rising volatility, which is a sign of robust buying pressure. However, a potential pullback could see prices retracing back within the bands as the market consolidates its gains.
Moreover, the ADX indicator, with a reading of 36.44, shows a strong trend but also indicates that the market may be slightly overheated, which could lead to a temporary pullback.
Steady TRX Volume Growth Since August Signals Renewed Market Interest
Since August, the inflow volume for TRX has been consistently increasing, with noticeable surges around mid-August that coincide with price spikes. This behavior indicates heightened trading activity and strong buyer interest. While inflow volumes dipped post-August, they did maintain a steady level throughout September and October, indicating periods of consolidation.
In the previous 24 hours, TRX has seen a 9.56% increase in inflow volume, while the past week reflects an impressive 88.33% rise. Over 30 days, the influx has grown by 54.22%, suggesting renewed investor interest that could lead to further upward price movement.
Positive Funding Rate Hints at Price Rally for TRX
The recent uptick in TRON’s funding rate suggests a significant shift toward bullish sentiment, with the rate climbing to 0.04%, marking the highest level since August. Previously, the funding rate had oscillated around a neutral position, reflecting a mixed sentiment among traders.
However, as of early November, the funding rate has consistently remained above zero, signaling that traders are willing to pay premiums to maintain long positions. This trend indicates heightened confidence in TRON’s prospects as prices approach the $0.20 mark.
Conclusion
The recent surge in TRON’s price coupled with increasing trading volume and a positive funding rate suggests a constructive outlook for the token. As investor sentiment continues to build, TRON appears poised to target its previous highs, potentially creating strong investment opportunities for those looking at the cryptocurrency market.
