The maximum level of a Tracery is the max level that a player can benefit from that Tracery, and is based on the level range of the Tracery plus the next cap range. So a 121-130 Tracery will offer its bonus until the character hits (in the future) level 141. However, in terms of leveling up a Tracery, that can be done within the level range, and the Tracery will not be able to be leveled higher than its level range, with one exception: Level 121-130 Traceries can be leveled up to 140.