TRON Set to Challenge $0.30: Will Bullish Momentum Prevail?

TRON faces key resistance at its biweekly high, while liquidation data suggests critical levels that could influence price action.

During this writing, TRON (TRX) trades at $0.2927, reflecting a 1.9% decline over the past 24 hours. This slide, from a daily high of $0.2995 to a low of $0.2884, comes amid a trading volume of over $1.03 billion, signaling active but bearish sentiment possibly driven by market-wide corrections.

Broadening the view, TRON demonstrates mixed signals. Over seven days, it posted a 2.3% gain, with the chart showing jagged peaks and troughs that suggest ongoing volatility after an early-week dip on November 7. However, extending to 14 days reveals a minor 0.6% loss, and the past month with a 7.7% drop.

Tron Price Analysis

Amid this performance, technical indicators suggest a spike in volatility could be imminent for TRON. For instance, the Bollinger Bands are currently showing a squeeze, with the price hovering near the middle band at $0.29312, indicating that the market is in a consolidation phase, and a surge in volatility could be next.

This bullish crossover indicates that the buying pressure is increasing, and if it continues, TRON could break above the key resistance near the upper Bollinger Band around $0.30297.

However, if the MACD line begins to turn downward or fails to maintain this bullish crossover, it could signal a loss of momentum, with the price potentially revisiting lower levels, including the $0.28327 support at the lower Bollinger Band.

TRX Liquidation Data

Meanwhile, the liquidation heatmap for TRON provides valuable insights into recent market behavior and potential price levels that could trigger significant moves. Over the past 24 hours, the chart reveals strong liquidations occurring around the $0.298 and $0.286 price levels

CoinglassSpecifically, the $0.298 area appears to be the nearest liquidity zone to watch

Overall, the heatmap suggests that this level is a critical point of contention for TRX, and a sustained move above it may see further short squeezes, while a dip back below $0.28 could trigger more selling pressure.