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Tron smashes resistance, bulls extend control, and more

2min Read

Tron [TRX] bulls extend market dominance to flip $0.711 level from resistance to support.

Tron smashes $0.0711 resistance, bulls extend control, and more

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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


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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