As the overall cryptocurrency market begins to recover, Tron (TRX) appears bullish, with over a million dollars worth of traders’ short positions on the verge of liquidation. Since the beginning of February 2024, TRX has been moving within a parallel channel pattern between $0.22 and $0.25.

However, TRX is currently trading near $0.223 and has remained stable over the past 24 hours. During the same period, its trading volume dropped by 15%, indicating that traders and investors are more hesitant to participate compared to the previous day.

Data from the on-chain analytics firm Coinglass revealed that traders are currently over-leveraged at $0.2167 on the lower side, believing that the asset price won’t fall below this level. They currently hold $4.30 million worth of long positions.

Meanwhile, $0.2257 is another over-leveraged level, where traders betting on the bearish side hold $2 million worth of short positions, believing that the price won’t exceed the $0.2257 level.

Source: COINPEDIA