Despite Tron (TRX) dropping by over 10% in the past week, long positions and interest from top traders suggest that the price is poised for an upward move. Along with all major cryptocurrencies, TRX has experienced a price drop of over 1.8% in the past 24 hours.
Rising Outlook for TRX
The TRX Long/Short ratio chart from on-chain analytics firm CoinGlass signals a bullish outlook for the token. According to the data, 55.8% of top TRX traders are holding long positions, signaling a potential upward rally.
TRON Technical Analysis and Key Levels
According to experts’ technical analysis, TRX is still in an uptrend as it is trading above the 200 Exponential Moving Average (EMA) on a daily timeframe. However, after a strong bullish breakout from a resistance level, TRX seems to be retesting that breakout level.
Meanwhile, the $0.15 level is a strong support level for TRX and the price reversal can take place from there. On the other hand, if it fails to hold the $0.15 level and a daily candle closes below this support, we can see a massive sell-off in the coming days.
Key Liquidation Levels
According to data from CoinGlass, key liquidation levels are currently around $0.147 on the downside and $0.157 on the upside as traders are overleveraged at these levels.
If market sentiment remains bearish and the TRX price drops to the $0.147 level, long positions worth nearly $2.06 million will be liquidated. Conversely, if sentiment changes and the price rises to the $0.157 level, short positions worth about $3.18 million will be liquidated.
This data indicates that short sellers still have the dominant position in the asset on higher time frames and have the potential to liquidate long positions.
TRON Price Performance
At the time of going to press, TRX is trading around the $0.152 level and has experienced a price drop of more than 2% in the past 24 hours. Meanwhile, the trading volume has also dropped by 8% in the same period, indicating lower participation from traders amid bearish market sentiment.
Despite a significant price drop in recent days, 57.60% of TRX holders remain profitable, while 32% of holders are incurring losses and 10% of TRX holders are breaking even, according to data from on-chain analytics firm IntoTheBlock.
