- TRON’s 20% weekly rise signals strong bullish momentum, with key resistance at $0.20 and support at $0.1653.
- On-chain data shows stable network growth and institutional interest, reinforcing the potential for further gains from the rally.
TRON (TRX) surged 20% over the past week, hitting a 2,500-day high, with the price currently sitting at $0.1986 at press time. This impressive rise has attracted the attention of traders and investors, signaling a strong uptrend.
As TRON continues its upward movement, many are wondering if this momentum can be sustained. Let’s take a closer look at technical trends, on-chain data, and liquidations to understand the driving forces behind this rally.
What is behind the TRON price surge?
TRON has been in a clear upward trend, moving comfortably within an ascending channel. The price recently broke through key resistance levels and surged to $0.1983, showing strong bullish outlook.
However, TRON now faces immediate resistance around $0.20. If TRON manages to break through this level, it could quickly target $0.22 as the next key resistance. Therefore, the uptrend will continue as long as the price remains above the crucial support levels.
As for support, $0.1653 remains a strong level. This is where the price has already found a solid base during minor retracements. If TRON faces a pullback, this level could provide the basis for a potential rebound.
Resistance at $0.20 remains the immediate barrier, and $0.22 is the next important resistance to watch. A successful breakout above these levels could soon see TRON push towards even higher prices.
Additionally, the 9-period moving average (MA) has crossed above the 21-period moving average, signaling strong short-term momentum. This MA crossover is generally a bullish signal, suggesting that the price of TRON could continue to rise.
Additionally, the MACD indicator confirms the uptrend, with the MACD line (blue) positioned above the signal line (orange). This indicates that buying pressure remains strong, supporting the continuation of the rally.
Chain Signals: Is the Network Supporting the Rally?
On-chain data reveals neutral sentiment. Network net growth increased by 0.56%, suggesting stable activity. However, the In-The-Money ratio stands at -0.39%, indicating some bearish pressure.
Despite this, large transactions increased by 1.02%, signaling strong interest from institutional traders, which could fuel further price swings.
Total liquidations: what impact?
The total liquidations chart shows $35.68 million in liquidations, with short liquidations dominating. This suggests that traders betting against TRON were forced out of their positions, further strengthening the bullish momentum.
Forced buying pressure from short liquidations likely contributed to the continued upward movement.
Read TRON (TRX) Price Prediction 2024-25
Can TRON maintain its bullish momentum?
TRON’s 20% weekly rise is supported by strong technical indicators, including the cross MA and MACD. As the price approaches key resistance levels at $0.20, a breakout could propel the price towards $0.22.
On-chain signals show steady network growth and increased interest from institutional investors. Therefore, as long as TRON remains above $0.1653, it appears poised for further gains in the near term.