• Tron (TRX) has sustained bullish momentum with 8.5% gains over the past seven days.
• The altcoin broke through a resistance level that had been in place since June 2022, spurring bulls to aim for new price highs.
• Longs dominated gains in the futures market, with 77% of liquidations coming from shorts over the same period.
Tron [TRX] Sustains Bullish Momentum
Tron (TRX) has been able to sustain its bullish momentum with 8.5% gains recorded over the past seven days. This break of a year-long resistance level could spur the altcoin to new price heights.
Longs Dominate Gains in Futures Market
Liquidation data from Coinglass showed that shorts were massively wrecked in the futures market, with $2.72 million short positions liquidated compared to $778.69k long positions, representing 77.5% of total liquidations over this period. This revealed market sentiment tilted heavily towards longs and could be an indication of further upside for TRX’s price action.
Bulls Aim for New Price Highs
With TRX now firmly on a bullish course, buyers are strategically setting their sights on another critical price push beyond $0.0711 resistance level which was achieved on May 20th with a big bullish candle on the 12-hour timeframe chart. Bulls can aim for the $0.082 to $0.090 price zone which was last achieved in May/June 2022 but these levels are where bears would seek to counter any potential upward movement as they heralded prior bearish trends on Tron’s price action.
On-Chart Indicators Support Bullish Advancement
The current technical indicators support more bullish advancement as both RSI and OBV remain well above their neutral 50 mark and continue on an upward trend respectively at press time, despite RSI dipping out of its overbought zone slightly recently..
Overall, Tron’s recent break of its year-long resistance level and domination by longs in the futures market suggests further upside is possible for TRX’s price action if bulls can successfully navigate through any bearish retracements or resistances along the way and reach its previous all-time high near $0 087 -$0928 soon enough .