- Tron has achieved a new milestone as a blockchain.
- TRX has posted surprising gains recently and could continue its rally.
Tron (TRX) has been trading within a range since mid-November, but has forced a major breakout over the past two days. Prices were still within the higher period resistance zone, but buyers are much stronger now.
Despite strong selling pressure from Bitcoin (BTC) and the rest of the cryptocurrency market, TRX has shown strong gains over the past three days. The blockchain also reached a new milestone after the total number of accounts surpassed 206 million.
The range breakout was very positive.
Source: TRX/USDT on TradingView
Looking at TRX’s daily price chart, there has been a lot of buying in recent days. OBV jumped higher to show this fact and the price closed the daily trading session well above its high of $0.1092.
A retracement to the same area is likely to occur in search of liquidity before the next move. Meanwhile, momentum and market structure were firmly in favor of buyers.
The red box extending from $0.1028 to $0.1175 highlighted a bearish order block on the one-week chart. In November 2021, TRX faced strong rejection in this area, falling to $0.0514 two months later.
Therefore, a weekly close above $0.1175 would be very important. This means TRX is poised to rise again to $0.142 in the coming months. However, before a rally, it is possible to retest the same support and resistance levels.
Analysis of relevant liquidation levels for lower periods
Source: Hiblock
TRX’s current bullish trajectory is not over yet. More gains were possible. AMBCrypto examined liquidation levels over the past seven days to understand where TRX will move next.
A very positive cumulative Liq level delta means that the number of buy liquidation levels is much higher than the short sell levels.
In turn, this implied that lower prices would be more beneficial for securing liquidity. This does not guarantee an immediate price drop. To the north, there were significant liquidation levels above $1.5 million at $0.118 and $0.12.
Read Tron (TRX) Price Prediction for 2024-25
TRX may rise above this level before reversing. Meanwhile, a drop to the $0.113, $0.11, or $0.1 levels is likely to be a good buying opportunity.
This would also retest the range high, strengthening the likelihood of a bullish reaction.
Disclaimer: The information presented does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.