TRON traders have good reason to be bullish, but should be prepared for volatile price action around the range high.
- The TRX accumulation during the price uptrend over the past month was a bullish sign.
- The liquidity heatmap hinted that a rally in the coming days was highly likely.
It was recently reported that TRON’s [TRX] daily transaction count doubled from September 2023, increasing from a sub-5 million count to reach 9 million. The network revenue was boosted as a consequence.
Whale accumulation and social media engagement also contributed to the bullishness behind the token.
Data from IntoTheBlock showed that 98% of holders were in the money. The Global In/Out of the Money showed a paltry 4.48 billion TRX were purchased in the $0.288-$0.455 price range.
It was paltry in comparison to the 28.39 billion TRX, worth $7.4 billion, that was purchased in the $0.243-$0.28 range.
This meant that the $0.24-$0.28 was a strong demand zone, and the selling pressure overhead might not be very high. Profit-taking activity could be a threat, but buyers had the upper hand overall.
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