Tron (TRX) Short Sellers Face $2M Liquidation, Will Bulls Step In?
As the broader cryptocurrency market shows signs of recovery, Tron (TRX) is displaying bullish momentum, with traders holding over a million dollars in short positions that are at risk of liquidation. TRX has been trading between $0.22 and $0.25 since the start of February 2024 in a parallel channel pattern.
Currently, TRX is hovering around $0.223 and has maintained stability in the past 24 hours. However, trading volume has decreased by 15%, indicating a more cautious approach from traders and investors compared to the previous day.
Data from Coinglass, an on-chain analytics firm, reveals that traders are over-leveraged at $0.2167 on the lower end, with $4.30 million in long positions, believing the price won’t drop below this level. On the other hand, at $0.2257, traders hold $2 million in short positions, anticipating that the price won’t exceed this level.
The current market conditions suggest that TRX’s price is on an upward trajectory and could potentially rally soon. In terms of price action and upcoming levels, experts predict that if TRX breaks out of consolidation and closes a daily candle above $0.225, it could surge by 11% to reach $0.25 in the near future.
Despite recent uncertainties, TRX has managed to stay above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating a bullish trend rather than a bearish one. This suggests that TRX may be gearing up for a significant move in the coming days.
In conclusion, TRX’s current price momentum and market conditions indicate a positive outlook for the cryptocurrency, with the potential for a bullish rally in the near future. Investors and traders are advised to closely monitor TRX’s price action and key levels to capitalize on potential profit opportunities.
