Tron (TRX) Heading Toward a New All-Time High ?
As Justin Sun recently rang the Nasdaq bell to celebrate Tron Inc.’s arrival, the blockchain’s native token surged 8% on July 29.
As a result, Tron’s Social Dominance is gaining momentum, with all eyes now on a potential new ATH in the coming weeks.
From a technical perspective, TRX briefly broke through the crucial resistance at $0.33 and is currently maintaining this level.
Although a bearish divergence has appeared on its daily RSI, increasing activity on the Tron blockchain could trigger a new bullish wave. Their Wall Street debut seems to have made its impact on investors, and Tron has everything it needs to achieve a new ATH very soon.
The TRX Trade to Make : A 700% Long Position
While the short-term context remains tense ahead of Wednesday’s FOMC meeting, Tron has proven its resilience over recent months. Its weekly chart shows clear bullish momentum.
Here’s the trade to make on TRX :
- Type : Long
- Entry price : Between $0.28 and $0.33
- Leverage : x5
- Liquidation or Stop Loss : Below $0.27
- Take Profits : TP1 at $0.45, TP2 at $0.60, and TP3 at $0.8
- Potential gains at TP3 ($0.8) : 700%
Indeed, the POC at $0.277 offers solid support on higher timeframes. In other words, a stop loss below this level significantly increases the chances of success for this medium-term trade, allowing it to withstand a potential Bitcoin drop to $112,000.
Nevertheless, the potential gains remain substantial, with a possible +700% in the coming weeks if BTC manages to break through $130,000.
As a reminder, only invest what you can afford to lose. The stop loss is the most important element, and the leverage has been chosen so that your liquidation zone serves as a stop loss, increasing the trade’s chances of success. Place the amount you’re willing to invest with 5x leverage and wait for the take profit levels to be reached.
