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55.8% of $TRX top traders are holding long positions indicating a potential upside rally.
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$3.18 million short positions will be liquidated if TXR hits the $0.157 level.
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If $TRX fails to hold the $0.15 level, we may see a massive sell-off in the coming days.
Despite Tron’s ($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.