Tron (TRX) Surges 9.49%, Breaks Trading Range Amid Market Pressure
Tron Reaches Milestone with One-Day Price Increase of 9.49%
Tron, also known as TRX, recently recorded a remarkable price increase of 9.49% in a single day. This increase marks a milestone that the cryptocurrency has not reached in the past two months. But will this bull trend continue?
New Heights for TRX
TRX has made impressive gains in recent days and could continue its rally. Since mid-November, TRX has been trading within a range but has forced an impressive breakout in the last two days. Although the price was still within a higher resistance zone, buyers are currently much stronger.
TRX has strongly trended upwards in the last three days, even though Bitcoin and the rest of the crypto market experienced strong selling pressure. The blockchain also reached a new milestone as the total number of accounts exceeded 206 million.
Outlook for TRX
The current bullish development of TRX is not yet over. Further gains are possible. A look at the liquidation levels of the last seven days gives an indication of where TRX could move next. The overwhelmingly positive cumulative liquidation levels delta suggests that the number of long liquidation levels far exceeds the shorts. This suggests that a price decline would be more lucrative to chase liquidity.
However, this does not guarantee an immediate price drop. In the north, a significant number of liquidation levels of 1.5 million dollars or more were present at $0.118 and $0.12. TRX could climb to these and higher levels before a reversal occurs. Meanwhile, a decline to the $0.113, $0.11, and $0.1 levels would likely represent an attractive buying opportunity. It would also be a retest of the range highs, which increases the chances of a bullish response.
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