Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- TRX recovered from USD 0.07200, recovering lost ground.
- The futures market was bullish, but financing rates wavered.
Merchants who bought Trons [TRX] The retest of the $0.07200 on August 18 was up +7% at the time of writing (early Asian trading session on August 24). But latecomers, especially traders with a shorter time frame, could still find an opening for further gains according to TRX’s price chart indicators.
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But the on-chain stats failed to deliver an outright bullish scenario for the altcoin. A recent AMBCrypto report determined that Tron recorded significant TVL outflows but retained a significant amount of locked stock.
TRX is reversing the recent August losses
Source: TRX/USDT on TradingView
The market structure was bullish on the 4-hour chart, a conventional time frame for near-term prospecting. Price action broke the recent higher high near $0.0761 and rose above the range highs of early August ($0.07750).
The daily candlestick session on August 23 closed above the previous range high ($0.07750) – a sign of additional bull influence. Thus, TRX bulls could be tipped to aim for the next resistance target at $0.080 or the H12 bearish order block (OB) at $0.0826 – $0.0858. Such a move could yield 3% or 6.5% additional profit, respectively.
But a drop below the low of $0.0761 could complicate further recovery. Such a dip could expose TRX to an additional downswing with USD 0.0741 and USD 0.0720 the next critical support for the South.
The RSI and CMF had positive numbers at the time of writing, reinforcing the bullish bias of the spot market on the lower time frame.
The derivatives side was bullish, but…
Source: Coinalyse
The aggregated CVD (Cumulative Volume Delta), which shows whether sellers or buyers control the market, is up from Aug. 18. It shows that bulls had market control.
How many Worth 1,10,100 TRX’s today?
Open Interest rates also increased from about $45 million to >$50 million between August 18 and the time of publication.
These two measures are bullish in the derivatives market. However, fluctuating funding rates could hold back any solid additional upside momentum in the near term.
