Tron [TRX] has emerged from a significant resistance level of $0.157 amidst the optimism in the market among traders.
Currently, TRX is trading around the $0.161 mark following a surge of more than 2.56% over the last 24 hours.
During this period, its trading volume spiked by 25%, indicating increased interest from investors and traders in the asset post the recent breakout.
TRX Technical Analysis and Crucial Levels
Analysis of TRX suggests a bullish outlook, hinting at a potential significant rally in the upcoming days.
With the successful breach of the sturdy resistance at $0.157, TRX now has a strong chance of surpassing its all-time high and establishing a new record.
Technical indicators like the Relative Strength Index (RSI) and the 200 Exponential Moving Average (EMA) further reinforce this positive stance on the altcoin.
Positive On-chain Metrics
Aside from the positive technical analysis, on-chain metrics show that bulls are inclined towards holding onto the altcoin rather than selling off.
According to on-chain data from Coinglass, TRX’s Long/Short Ratio stood at 2.22 on the 12-hour timeframe, the highest since late September 2024, suggesting a bullish sentiment in the market.
Further, TRX’s Futures Open Interest witnessed a 20% surge and has been steadily climbing since then, indicating a continual rise in traders’ long positions over the past day.
Currently, 68.95% of TRX traders hold long positions, while 31.05% maintain short positions.
Considering the aggregate on-chain metrics and technical analysis, it is apparent that bulls are currently in control of the asset, fostering a positive sentiment that could lead to a substantial upward rally in the days ahead.