Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
TRON’s price action on the lower timeframes showed strong bullish signals. The bulls were quiet last week, but have rallied in recent hours and posted double-digit percentage gains. On June 1, Justin Sun tweeted that the TRON network reached a record in daily transactions.
This suggested that the bulls entering more than $0.082 may be overdue. Risk averse traders can wait for a return to the support at $0.08, which acted as resistance on May 23.
TRON could go up another 5% to the left in its tank
![TRON [TRX] rises past local resistance to reflect bullish sentiment](https://statics.ambcrypto.com/wp-content/uploads/2023/06/PP-1-TRX-price.png)
Source: TRX/USDT on TradingView
Despite the strong gains of the past few hours, the TRON bulls may not have finished yet. In the north, the $0.086-$0.088 represents a band of resistance. Both levels have been important in the past, serving as resistance almost exactly a year ago before TRX fell lower.
Two weeks ago on May 20, TRX managed to climb above the $0.07-$0.0715 resistance region. Prices rose another 11.5% northward through May 23. After that, TRX fell 7.3% to reach $0.074 on June 1. This was a region where prices had consolidated on May 21 and 22.
Due to the vertical upward movement in the past few hours that measured 13% from Friday’s low of $0.0745, there was no time for prices to consolidate during this rally.
The RSI spiked into overbought territory to reflect extremely bullish momentum. The OBV also noted a significant increase to reflect the demand behind TRON.
Data indicated profit taking above the $0.0825 mark
![TRON [TRX] rises past local resistance to reflect bullish sentiment](https://statics.ambcrypto.com/wp-content/uploads/2023/06/PP-1-TRX-coinalyze.png)
Source: Coin analysis
Open Interest rose $28 million as prices crossed the $0.08 mark. This was indicative of solid bullish sentiment from speculators looking to profit from the upward move. The big increase in OI came just after the 1-hour candle which closed at $0.0822.
Since this candle, OI is up $17 million, representing the meat of the OI peak. Meanwhile, TRX is only up 1.7%. Would they be late to the party?
Read TRONs [TRX] Price Forecast 2023-24
The spot CVD certainly suggested that. After the aforementioned large 1-hour green candle, the cumulative volume delta dropped rapidly.
There was a contrast between the outflow on the TRON spot market and the inflow of money on the futures market.