Altcoin's Move Surprised Everyone! What is the new target of investors in Altcoin, which has returned to the top 10?

October 16 was a great day for TRON (TRX). The price of Bitcoin (BTC) surged to $30,000 on the news of the ETF, which was later refuted. After the news was denied, it experienced a clear pullback, but this situation reflected very differently on TRX. The mood in TRX was positive. Stablecoin dominance on the network has increased.

Past TRX price analysis has shown that $0.085 and $0.082 are two key support levels in succession. Last week, the price first dropped to $0.0847 and then rose to $0.088. So, can the bulls sustain this price rise?

TRX's 2-hour price chart showed a bearish structure. However, on Oct. 15, it broke above the $0.0858 resistance level, breaking the bearish outlook and trend formed over the previous ten days. At the time of writing, the altcoin was trading near the $0.0882 resistance level.

The Relative Strength Index (RSI) was bullish for the last 24 hours. Reflecting this move was the sharp surge of the neutral 50 level. Volume in Balance (OBV) also indicated that buyers were strong. It has risen sharply in the last three days. In terms of the rise of the price, these can be interpreted as good signs. As a result of such movements, the price of TRX may rise further.

The short-term Fibonacci retracement and extension levels (pale blue) are shown on the chart looking at the upward movement at the end of September. According to the chart, the next resistance levels are located at $0.091 and $0.093, respectively.

Liquidation levels from Hyblock indicated that a large amount of short positions evaporated as a result of the recent price action, which went as high as $0.09. At $0.0906, there was a loss of $1.6 million. In addition, the increase in long positions in Open Interest (OI) may be making traders nervous about forcing them to close these long positions depending on the price action.

On the downside, a larger potential liquidation at $2.7 million could occur at $0.0869. This price zone represented the same point as the 50% retracement level on the TRX price chart. As a result, there could be a price move towards $0.0869 or $0.0859 in search of liquidity in the coming days. Based on this information, buyers can wait for test levels before opening a long position and then consider opening a trade.

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