$TRX recently experienced a significant long liquidation of $5.92K at a price of $0.24716. This means that traders who were holding long positions (expecting prices to go up) were forced to close their trades at this price level due to market conditions. It can create volatility and potential buying or selling opportunities in the market.

What’s Next for $TRX.

The liquidation at $0.24716 suggests that the market is under some pressure. If $TRX struggles to hold above this price, there may be further downside. However, it’s not all doom and gloom there could also be opportunities for a bounce if key support levels hold.

Key Levels to Watch:

1. Buy Zone:

Primary Buy Zone: If $TRX can hold above $0.24500 (just below the liquidation level), it may present a good buying opportunity.

Secondary Buy Zone: Look for $0.24000 as another potential support level to consider buying.

2. Target Price:

The first target would be $0.26500, where resistance has previously formed.

A more ambitious target could be $0.28000, a level that may become significant if bullish momentum builds.

3. Stop-Loss Zone:

Place a stop-loss around $0.23500 to manage risk effectively. This is just below the secondary support, and if the price falls below this, it could signal a further downtrend.

Summary:

Buy Zone: $0.24500 to $0.24000

Target Price: $0.26500 (initial) and $0.28000 (longer-term)

Stop-Loss: $0.23500

Always manage your risk when trading, and never trade more than you can afford to lose.

Watch the market closely after liquidations, as they can trigger sharp price movements in either direction.

Stay updated and act cautiously based on these key levels.

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