- TRX price hit a record high since May 2021 reaching $0.16
- This shows a 27% increase over the last week and 11% in 24 hours
- Despite the increase in open interest in futures, there are indicators of a correction to come
TRX experienced a notable rise, showing a record high since May 2021 to reach $0.16.
However, despite the obvious bullish run and positive investor sentiment, RSI and MFI hint at a possible price correction, raising doubts about whether it will hold at $0.16.
Tron Price Climb Details
TRX recently climbed to $0.16, showing a 27% gain relative to last week and 11% in the last 24 hours.
Along with this, trading volume has increased 139% in the last 24 hours, also showing its trading volume highs of $1.87B from November 2022.
This indicates a lot of buying pressure and gives investors reason to hope that the bull run will continue, also showing positive sentiment at 7.32, the highest since November 2022.
An increased open interest of 77% is also recorded, which should additionally fuel the bull run and give other reasons for investors.
What Are the Reasons for a TRX Correction?
Still, investors should pay attention to indicators that could signal a coming price correction.
RSI at 84.76 and MFI at 91.07 may indicate that the asset is overbought, which could lead to a decline in the price, especially if the buying pressure weakens.
This could bring the price down to around $0.14, but if the uptrend proves to be stronger, we might see the price reach $0.17.
At the time of writing, the price has already undergone a small correction falling to $0.148 but has managed to rebound to $0.156.
Conclusion
The TRX climb and correction are now in their active phases, so we need to continue to closely monitor real-time dynamics.
However, even after a small correction, the price is not stuck at $0.14, which may indicate that there is enough buying pressure to continue the bullish trend.
It is also possible that a larger correction is yet to be experienced, after which the price will not only fail to reach the yearly high of $0.17 but will linger at $0.15.
