Despite Tron’s (TRX) decline of over 10% in the past week, top traders’ long positions and interest suggest that the price is poised for an upside move. Along with all the major cryptocurrencies, TRX has experienced a price drop of over 1.8% in the last 24 hours.
Bullish Outlook For TRX
The on-chain analytic firm CoinGlass’s TRX Long/Short ratio chart signals a bullish outlook for the token. According to the data, 55.8% of TRX top traders are holding long positions indicating a potential upside rally.
TRON Technical Analysis and Key Levels
According to the expert technical analysis, TRX is still in an uptrend as it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame. However, after a strong bullish breakout of a resistance level, TRX appears to be retesting that breakout level.
Meanwhile, the $0.15 level is a strong support level for TRX and the price reversal may occur from that level. On the other hand, if it fails to hold the $0.15 level and closes a daily candle below this support, we may see a massive sell-off in the coming days.
Major Liquidation levels
As of now, the major liquidation levels are near $0.147 on the lower side and $0.157 on the upper side, as traders are overleveraged at these levels, according to data from CoinGlass.
If the market sentiment remains bearish and the TRX price falls to the $0.147 level, nearly $2.06 million worth of long positions will be liquidated. Conversely, if the sentiment shifts and the price rises to the $0.157 level, approximately $3.18 million short positions will be liquidated.
This data indicates that, on a higher time frame, short sellers are still dominating the assets and have the potential to liquidate long positions.
TRON Price Performance
At press time, TRX is trading near the $0.152 level and has experienced a price drop of over 2% in the last 24 hours. Meanwhile, its trading volume has also dropped by 8% during the same period, indicating lower participation from traders amid bearish market sentiment.
Despite a notable price drop in the last few days, 57.60% of TRX holders remain profitable, while 32% of holders are facing losses, and 10% of TRX holders are at breakeven, according to data from the on-chain analytics firm IntoTheBlock.
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