TRX Price Analysis: 55.8% of Top Traders Are Holding Long Positions, Indicating a Potential Upside Rally

$3.18 million short positions will be liquidated if TXR hits the $0.157 level. If TRX fails to hold the $0.15 level, we may see a massive sell-off in the coming days.

Top traders' interest in Tron (TRX) is evident as the majority (55.8%) are reportedly holding long positions, suggesting a potential rally ahead.

Moreover, if TRX manages to reach the $0.157 level, it could trigger a significant liquidation of short positions, amounting to approximately $3.18 million, as indicated by the data.

On the other hand, if TRX fails to hold the crucial $0.15 level, it could lead to a massive sell-off in the coming days.

Tron (TRX) price has dropped by over 10% in the past seven days, yet top traders' long positions and interest indicate that the price is preparing for an upswing. TRX has experienced a price decline of over 1.8% in the last 24 hours, joining the majority of major cryptocurrencies in the red.

TRX traders upbeat on the token

The TRX Long/Short ratio chart from the on-chain analytics firm CoinGlass signals a bullish outlook for the token. 55.8% of TRX top traders are holding long positions, indicating a potential upside rally.

According to expert technical analysis, TRX is still in an uptrend on a daily time frame, trading above the 200 Exponential Moving Average (EMA). After a strong bullish breakout of a resistance level, TRX seems to be retesting that breakout level.

Meanwhile, the $0.15 level is a strong support level for TRX from which the price might reverse. 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 around $0.147 on the lower side and $0.157 on the upper side, as traders are overleveraged at these levels, according to CoinGlass.

If the market sentiment turns bearish and the TRX price falls to the $0.147 level, nearly $2.06 million worth of long positions will be liquidated.

逆に、市場センチメントがシフトして価格が0.157ドルに達した場合、約318万ドルのショートポジションが清算されます。

This data suggests that short sellers are still dominating the assets and have the potential to liquidate long positions on a higher time frame.

TRX price performance

At press time, TRX trades near the $0.152 level, showing a price decrease of over 2% in the last 24 hours. Its trading volume has also dropped by 8% during the same period, indicating less participation from traders amid bearish market sentiment.

Despite a significant price decline in the last few days, 57.60% of TRX holders are still in the green, while 32% are underwater, and 10% are at breakeven, according to on-chain analytics firm IntoTheBlock.

The above is the detailed content of TRX Price Analysis: 55.8% of Top Traders Are Holding Long Positions, Indicating a Potential Upside Rally. For more information, please follow other related articles on the PHP Chinese website!