Tron Price Prediction as Open Interest Jumps by 56%

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In the past few days, Tron (TRX) has been consistently gaining significant attention from the crypto community due to its super-hit performance. On August 21, 2024, Tron’s open interest once again skyrocketed by over 56% in the last 24 hours, signaling immense interest from investors and traders.

Tron Open Interest Jump by 56%

According to the on-chain analytics firm CoinGlass, Tron’s open interest has been gradually increasing and has experienced a surge of over 9% in the past hours and 18% in the past 4 hours. This significant increase in open interest indicates huge investors’ attention toward Tron’s TRX these days.

Along with growing interest from investors and traders, TRX recently outperformed Cardano (ADA) and became the 10th largest cryptocurrency. In addition to ADA, TRX has also surpassed other top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and others. 

TRX Price Performance 

At press time, TRX is trading near $0.158 and has experienced a price surge of over 12% in the last 24 hours. Meanwhile, its trading volume has jumped by over 135% during the same period, indicating more increased participation from investors and traders.

Additionally, TRX has superbly performed in the last 7 days. According to coinmarketcap data, it has experienced a significant price surge of over 25%. Apart from TRX, no single asset has crossed double-digit gain in the past 7 days.

TRON Price Prediction for August 

Based on historical price momentum, TRX looks extremely bullish and is now heading toward its all-time high at $0.18 level. However, with the continuous price surge of over 35% in the past 2 weeks, there is a high possibility that TRX may experience a mild correction before making a new high.

Source: Trading View

Major Liquidation Level

As of now, the two major liquidation levels are near $0.1495 on the lower side and $0.1611 on the upper side. According to CoinGlass, traders have been highly leveraged in the last 24 hours. 

If correction takes place and TRX falls to the $0.1495 level, nearly $8.09 million worth of long positions will be liquidated. Conversely, if sentiment remains unchanged and the price soars to the $0.1611 level, nearly $850k worth of long positions will be liquidated.