Will Tron Soar to New Highs?
![BITmarkets | Will Tron Soar to New Highs?](https://wcms-cdn.bitmarkets.com/4472/!TRXX.jpg)
The beginning of 2024 saw a strong bullish trend for Tron (TRX), which was interrupted by the March correction. This year's high remains unsurpassed, but recent developments suggest a potential scenario that could push the price higher.
Traders considering buying must wait for confirmation of this trade idea through specific entry parameters.
Daily time frame analysis
TRXUSD - 1 Day Time Frame
From a technical analysis perspective, the last few days have provided all the necessary elements to consider a trade transaction. The bullish market structure creates a well-defined space, affirming the bullish context.
This means that if the price closes below the higher low, the trade will be invalidated. The level of this low is indicated on the chart by the lower blue line.
An additional structure parameter is the price flow, which is also favorable. The bullish movement is impulsive, while the ongoing bearish movement is corrective.
Fair Value Gaps, representing support and resistance zones, are three in this case. The two resistance zones, obstacles to continuing the trend, are shown as orange areas on the chart. Conversely, the support zone, located on the weekly timeframe, is shown in blue.
The last parameter is the order block, situated just below the support. There are several possible scenarios, but the most ideal one for buying is if the price remains above the support level without closing below it on the weekly timeframe, while simultaneously closing above the lower resistance on the daily timeframe.
This would indicate a change to support from the price algorithm's perspective, allowing traders to enter buy positions with a protective stop loss below the internal low.
A more conservative entry strategy is to buy even without closing above the resistance. In this case, however, it is crucial to place the stop loss order below the external low of the market structure.
The objectives of both entry strategies are the same: targeting the level of relatively equal highs where part of the position can be sold to secure profits. The remainder of the position should be held with a target of reaching the all-time high level.
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