After falling to a low of $0.045, TRX quickly rebounded and continued to rise as the overall market recovered. When the price hit $0.145, it encountered some selling pressure and then pulled back to $0.11. Since then, Tron has rebounded again, reaching a high of $0.16. This rise occurred amid a weakening of overall market interest, mainly driven by the DeFi field on the Tron blockchain attracting liquidity.
Currently, Tron is priced at around $0.15, with a bullish trend in the short term and the overall trend remains positive. It is worth noting that Tron is above its 50-day and 200-day moving averages, which indicates that its upward momentum is strong. However, after breaking through the previous high, the market showed signs of selling pressure, resulting in a certain degree of price correction. Therefore, continued buyer support is crucial to maintain Tron's upward momentum.
TRX/USDT derivatives market observation
Despite the recent pullback, Tron’s rise has triggered an increase in open interest in TRX/USDT perpetual contracts. At the same time, the rise in CVD indicates increased interest from speculators, with a greater bias toward buying. This comes after previous indicators showed moderate interest and negative funding rates, which also explains the large number of liquidations that occurred when Tron rose.
According to the three-month TRX/USDT liquidation heat map, Tron rebounded from the $0.117 liquidation area, triggering buying interest and pushing the price to $0.16. The current liquidation areas worth paying attention to are mainly concentrated between $0.12 and $0.13, while the lower liquidation areas are between $0.11 and $0.116. If these areas are touched, they may trigger a large number of order executions, thereby increasing volatility risks, so investors need to pay close attention.
If the TRX price can hold above $0.145, we can expect to see a breakout above $0.166. Further upside resistance could be seen at $0.176 and above that at $0.184, which would imply a possible upside of around 23%.
On the other hand, if Tron fails to hold $0.145, the price may pull back to $0.137, with further support at around $0.126. The next support is at $0.117, which could result in a drop of about 22%.
Recent observations: BTC, ETH, SOL, SATS, RARE, AAVE, TRX...
I also selected a few targets and prepared to ambush them.
Friends who like spot contracts can follow Fan-Brother-Shuo-Bi.
I am also planning to ambush some potential coins until next year, and the expected space is 3-5 times.
