Journalist
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Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer
- TRX consolidated recent gains above $0.0830 since September 15.
- Open Interest rates fluctuated in the second half of September.
Tron [TRX] remained stuck in a price consolidation above $0.0830 in the second half of September. Recent Bitcoin [BTC] losses and the subsequent retest of the low in the near $26.0k range could provide new opportunities for TRX buyers.
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Will these supports hold?
Source: TRX/USDT on TradingView
The Relative Strength Index (RSI) has been hovering above the neutral level since September 24, indicating weak buying pressure over the same period.
However, there has been strong capital inflow into the TRX markets, as evidenced by the rising Chaikin Money Flow (CMF). However, the declines in the RSI and CMF at the time of writing indicated that bearish pressure had increased at the time of writing.
If selling pressure increases, TRX could fall to the mid-range ($0.08390), 50-EMA (exponential moving average) or low range ($0.0830). But it could recover if BTC doesn’t post more losses.
If so, the recovery could provide TRX buying opportunities, with a take profit target at the high end of $0.08480 ($0.08390). The mid-range and range low can act as re-entry points for two possible long positions.
A decline below USD 0.08350 and USD 0.08300 will negate the bullish bias. However, the prolonged decline could mitigate the price imbalance and the daily chart’s Fair Value Gap (FVG) of $0.0821 – $0.0828 (white).
Demand on the derivatives market faltered
Source: Coinglass
The price swings were followed by hesitant demand for TRX in the derivatives market, as reflected in the Open Interest (OI). The OI fluctuated in the second half of September, reinforcing the neutral stance.
How many Worth 1,10,100 TRXs today?
However, the increase in volume continues +90% and +5% in Open Interest in the last 24 hours before press time underlined a near-term bullish bias.
Additionally, more short positions were liquidated in the last 24 hours before publication, favoring short-term bulls. However, tracking BTC is crucial for risk management.