Tron [TRX] sustains bullish momentum – Can it reach $0.09?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Tron sustained bullish momentum with 8.5% gains.
- Shorts accounted for 77% of liquidations in the futures market.
Tron [TRX] maintained its bullish momentum with 8.5% gains recorded over the past seven days. With Tron breaking through a resistance level that has existed since June 2022, bulls are spurred for more upside.
Read TRON’s [TRX] Price Prediction 2023-24
Bitcoin’s [BTC] price instability has done little to dampen TRX’s upward momentum with bulls looking to reach the May 2022 price zone of $0.0878 to $0.0928.
Bulls stretch for new price heights
Tron broke through the difficult $0.0711 resistance level on 20 May with a big bullish candle on the 12-hour timeframe. This resistance level had proved tough for bulls for a year-long period.
The bullish momentum saw Tron briefly touch the $0.0800 price zone before retracing to trade at $0.0760, as of press time. With TRX now firmly on a bullish course, buyers are strategically setting their sights on another critical price push.
The on-chart indicators support more bullish advancement. Although the RSI dipped out of the overbought zone, it still remained well above the neutral 50 mark with a reading of 62, as of the time of writing. The OBV also remained firmly on an upward climb to signal steady demand for Tron.
Bulls can aim for the $0.082 to $0.090 price zone which was last achieved in May/June 2022. However, these levels are where bears would seek to counter the bullish trend, as they heralded the bearish trend on Tron previously.
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Longs dominated gains in the futures market
Liquidation data over the past seven days from Coinglass offered key insights into the market sentiment around Tron. The data showed shorts were massively wrecked in the futures market with $2.72 million short positions liquidated as against $778.69k long positions.
Shorts liquidation represented 77.5% of the total liquidations over this period. This revealed market sentiment titled heavily towards more upside for Tron.