Can Tron bulls force a move past $0.078

Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

• Market structure and momentum favor TRX bulls for now.
• Momentum could change in the $0.078-$0.08 area.

While TRON [TRX] has surged over the past week, the higher time structure was not as strongly bullish. The TRX 1-day chart had been in an uptrend since March, but the bullish advance was abruptly halted in early June.

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This retracement fell below the May lows and was a sign of intent from the sellers. If TRON bulls can take prices above $0.08, the previous uptrend could resume.

The $0.078 resistance has been significant for TRX since the end of May

Source: TRX/USDT on TradingView

TRX’s H4 chart showed a bullish market structure after the price broke the low at $0.0728. This happened on June 22. Since then, TRON has recorded a series of higher lows and higher highs on the chart, indicating an upward trend over the past week.

At the same time, the RSI remained above the neutral 50 to emphasize the bullish momentum. Still, TRON’s MACD over the 4-hour time frame showed that this momentum was not really in favor of the buyers. The market was on an upward trend but also saw a large number of pullbacks in the lower time frames. This underlined the volatility of the past ten days.

The CMF was well above +0.05, indicating a large flow of capital to the market. In the north, the $0.078 represented both resistance and a lower high on the daily chart. Exceeding this level would also shift the preference for a higher time frame; therefore it is a crucial level for traders.

Realistic or not, here is TRX’s market cap in BTC terms

Rising Open Interest indicated optimistic sentiment, but the funding rate found otherwise

Source: Coin analysis

Coinalyze’s 1-hour chart highlighted the spot CVD in an uptrend. However, as the H4 MACD suggested, this uptrend was not strong, but the bulls had to fight every inch of the way. Open Interest also rose gradually, although the fall in TRX prices caused the OI to fall.

The funding rate has been mostly negative for the past three days. This showed that the bears were in the majority, but the situation could change once the funding rate moved above 0 at the time of writing.