TRON Hits 2500-Day High, Surges 20% in a Week
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The Key Takeaways:
- TRON (TRX) recorded a 20% price increase within a week, reaching a 2500-day high at $0.1986 USD.
- Technical indicators suggest a continuation of the uptrend, with resistance levels at $0.20 USD and $0.22 USD.
- On-chain data shows stable network growth and rising institutional interest.
- Liquidations of short positions amplify buying pressure and support the rally.
TRON’s Price Surge: What’s Behind It?
TRON (TRX) has seen a remarkable 20% increase in the past week, reaching a 2500-day high. The current price stands at $0.1986 USD. This surge was driven by a breakthrough of key resistance levels, indicating strong bullish momentum.
The next resistance lies at $0.20 USD. If this level is breached, TRON could quickly move toward $0.22 USD. On the downside, the $0.1653 USD level remains a critical support, serving as a base in case of pullbacks.
Technical Analysis: Positive Signals Dominate
The technical analysis supports the positive trend. The 9-period moving average (MA) has crossed above the 21-period moving average, which is a bullish signal. Additionally, the MACD indicator (Moving Average Convergence Divergence) shows strength: the MACD line is above the signal line, indicating sustained buying pressure.
Furthermore, TRON is trading within an ascending channel, increasing the likelihood of the uptrend continuing. As long as the price remains above the support at $0.1653 USD, the momentum is intact.
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On-Chain Data: Stability and Institutional Interest
The on-chain data presents a mixed picture. Network growth remains stable with an increase of 0.56%, suggesting that activity within the TRON network is solid. At the same time, the 1.02% rise in large transactions indicates growing interest from institutional investors.
However, the “In-The-Money” ratio stands at -0.39%, which points to slight selling pressure. Nevertheless, the overall sentiment appears to remain on the buyers’ side.
Liquidations: Short Positions Driving the Rally
Liquidation data shows that positions worth $35.68 million USD were closed in recent days. A significant portion of these were short positions, or bets on falling prices. These liquidations have added buying pressure, further fueling TRON’s upward movement.
Our Assessment
TRON is currently exhibiting strong bullish momentum, supported by technical indicators such as the MA crossover and the MACD. However, the price is approaching a critical resistance at $0.20 USD. A breakout could pave the way for further gains up to $0.22 USD.
The stable on-chain data and rising institutional interest are additional positive factors. As long as TRON remains above the support at $0.1653 USD, further upside is likely. Traders should, however, closely monitor the resistance levels to identify potential corrections early.
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