Tron (TRX) Price Analysis: Is it an Uptrend of a Range?

The price action of Tron [TRX] was one of the exceptions among the major altcoins. After the 8th of August, Bitcoin [BTC] and the rest of the

After a period of losses in the 8th of August, Bitcoin [BTC] showed a recovery of 5.1%. However, Tron [TRX] was among the few major altcoins that showed an uptrend.

The network activity of Tron also surpassed that of the Ethereum [ETH] network. One possible explanation for this growth could be the rise in Tether [USDT] payments through the Tron network.

Is TRX set for an uptrend or a range breakout?

Source: TRX/USDT on TradingView

TRX has been trending higher since mid-April after a retracement to $0.108. It formed a series of higher highs and higher lows until mid-July, after which it fell into a range formation.

The market structure on the daily chart appeared bullish, but traders may be better off expecting a rejection at the range highs rather than trading a breakout. This is because the OBV was encountering a resistance level that extended back to mid-May.

On the other hand, the MACD showed strong bullish momentum, and the mid-range level at $0.13 was now acting as support. Swing traders could look to buy at this level, anticipating a move to $0.14.

The TRX liquidity pool at $0.14 could be crucial

Source: Hyblock

Another reason why the $0.14 level is important is the concentration of liquidation levels there. Price tends to be attracted to liquidity and will likely be pushed toward the range highs soon.

In the event of a liquidation cascade, it may overshoot this level slightly. However, once swept, the next target will be a move toward the liquidity cluster at $0.116, which is just below the range lows.

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