- Market sentiment around Tron remained bullish last week.
- Most technical indicators seemed optimistic and pointed to a price increase.
While most cryptos faced massive declines over the past week, Trons [TRX] The performance was commendable as the weekly and daily charts remained green.
While the token’s price action was positive, another interesting development took place that indicated further price appreciation in the coming days.
Tron is strong
CoinMarketCaps facts revealed that top cryptos like Bitcoin [BTC] and ether [ETH] registered a nearly double-digit decline last week.
On the contrary, TRX was strong when its price rose marginally last week. The past 24 hours have been even better, as the token’s value rose slightly.
At the time of writing, TRX was trading at $0.1289 and had a market cap of over $11.235 billion, making it the 11th largest crypto.
AMBCrypto’s look at IntoTheBlock’s data revealed that longer-term holders of TRX (investors who have held a token for more than a year) are on the rise.
To be precise, there were more than 82 million long-term holders. This clearly reflected investors’ confidence in TRX as they hope for further price appreciation in the coming days.
Source: IntoTheBlock
Meanwhile, IntoTheBlock posted a tweet highlighting the fact that investors bought the token.
According to the tweet, $13.1 million worth of TRX has been delisted in the past 24 hours. This is the largest in more than a month, indicating accumulation.
Is TRX preparing for another rally?
As mentioned above, buying pressure on TRX increased. In general, an increase in the number of purchases often results in price increases.
Therefore, AMBCrypto planned to take a closer look at other data sets to find out if there was a bull rally around the coroner. According to our analysis, TRX’s weighted sentiment remained elevated last week.
Source: Santiment
This meant that bullish sentiment surrounding the token was dominant in the market. The financing rate fell.
Typically, prices tend to move in the opposite direction to the financing rate. AMBCrypto’s look at Coinglass’s data revealed yet another signal.
Tron’s long/short ratio improved, meaning there were more long positions in the market than short positions.
Source: Coinglass
The technical indicator Relative Strength Index (RSI) registered an increase. Moreover, the Chaikin Money Flow (CMF) also followed a similar trend, indicating that the chances of a sustained price increase were high.
Nevertheless, the MACD remained in favor of the sellers as it showed the possibility of a bearish crossover.
Source: TradingView
Realistic or not, here it is TRX market cap in BTC‘s conditions
Our analysis of Hyblock Capital’s data showed that if TRX were to remain bullish, it could reach $0.131 first.
A successful breakout above that point would see the token reach $0.14 in the coming days.
Source: Hyblock Capital