- TRON futures open interest rose 20%, suggesting continued growth in traders' long positions.
- 68.95% of TRX traders held long positions and 31.05% of investors held short positions.
tron [TRX] The pair broke above the major resistance level at $0.157 amidst bullish market sentiment among traders.
At the time of writing, TRX was currently trading around $0.161 after increasing its price by over 2.56% in the past 24 hours.
During the same period, its trading volume increased by 25%. This shows how investors and traders are participating in this asset after the recent breakout.
TRX technical analysis and key levels
AMBCrypto technical analysis suggests that TRX is bullish and could rise significantly in the coming days.
Following the successful breakout from the strong resistance level at $0.157, TRX price is likely to easily break through the all-time high and set a new record.
Source: TradingView
Technical indicators such as the Relative Strength Index (RSI) and the 200 Exponential Moving Average (EMA) further support this bullish outlook for altcoins.
Bullish on-chain indicators
In addition to this positive outlook from technical analysis, on-chain indicators showed that bulls prefer to hold the altcoin instead of selling.
aAccording to on-chain analysis firm Coinglass, TRX's long/short ratio was 2.22 on the 12-hour time frame, the highest level since late September 2024. This indicates bullish sentiment in the market.
Source: Coin Glass
Additionally, TRX futures open interest soared 20% and has been steadily increasing since then. This suggests that traders' long positions have been increasing continuously over the past 24 hours.
read tron [TRX] Price prediction for 2024-2025
At the time of writing, 68.95% of TRX traders held long positions and 31.05% held short positions.
Combining all on-chain indicators and technical analysis, it appears that bulls are currently in control of the asset and sentiment is positive, which could lead to a significant bull run in the coming days.
