Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Bulls maintained upward momentum by smashing past $0.711 resistance level.
- Short positions represented 85.4% of total liquidations.
Tron [TRX] extended its bullish momentum with 2.3% gains over the past 24 hours. This saw the altcoin smash past the key resistance level at $0.0711. This level that had earlier curtailed TRX’s bullish momentum as well.
Realistic or not, here’s TRX’s market cap in BTC’s terms
With Bitcoin [BTC] also posting gains of 1% over the past 24 hours to reclaim $27k, Tron could see more upside. Further bullish action by BTC could see buyers attempt to push for the $0.08200 price zone.
Buyers extend May gains
Source: TRX/USDT on Trading View
Tron carried over its strong bullish push from April into May. TRX bulls had flipped the $0.0672 resistance to support at the start of May. This provided the platform for buyers to push on for more gains.
The first attempt for the next resistance level at $0.0711 was met with significant pushback from bears on 5 May, driving prices back to the $0.0672 support level. Bulls were relentless and a third attempt for the resistance level yielded results on 20 May. Buyers smashed past the level with a significant four-hour bullish candle to flip the $0.0711 level from resistance to support.
On-chart indicators supported a continuation of the bullish momentum. The On Balance Volume (OBV) maintained its upward movement to hint at growing volume for Tron. The Relative Strength Indicator (RSI) also made a strong push from the neutral 50 level into the overbought zone and stood at 71.8, as of press time.
Buyers looking to key into the bullish push can wait for a re-test of the new $0.0711 support level before entering new positions. Alternatively, bears could repel bulls at this level, just like they did successfully in mid-February.
How much are 1,10,100 TRXs worth today?
Buyers dominate futures market
A look at the seven-day liquidation data from Coinglass showed shorts massively wrecked in the futures market. $599.88k short positions were liquidated as against $101.92k. Shorts liquidation represented 85.4% of the total liquidations over this period. This revealed market sentiment titled heavily towards the bulls.
The bullish sentiment was confirmed by the long/short ratio, with buyers dominating by 54.2%. Hence, bulls are adequately poised to continue the uptrend for Tron.
Source: Coinglass
